Local Bitcoin trading platform Bitcoin volume hits 7-year low

The bitcoin trading volume on the bitcoin trading platform Local Bitcoin hit its lowest level since 2013, which is a 7-year low. According to data from the trading platform, as of the end of February, there were 3,144 bitcoin transactions. This is a 75% decrease from the previous year's trading volume. During this period, up to 13,000 bitcoins were traded on the Local Bitcoin trading platform. In 2015, there were 40,000 Bitcoins traded on the trading platform, and at that time it also reached the highest number of single-day transactions in history. Local Bitcoin spokeswoman Veruska Xavier Filgueira believes that regulation has had a significant impact on the platform. In January, there were reports that the company suspended or closed users' accounts, without explaining why. According to multiple users, they did not receive any notification and did not know that their account had been closed until they tried to access their funds. After the suspension of trading, Local Bitcoin trading activity decreased by 70% compared to the end of 2019.