The record trade volumes are the result of another surge of bitcoin price. On 2 December 2016, the cryptocurrency reached $772.

According to Coin.Dance, the numbers for the US in the week ending on 3 December 2016, were $8.718 million. In bitcoins, the volume is 9,253, some 200 BTC lower than one month ago.

On LocalBitcoins Russia, the trade volume in the same week reached 306 million rubles, or $4.08 million, which is an all-time record. In bitcoins, it is 5,499, down from 6,047 bitcoins a month ago.

Reddit users upvoted the news to the top of r/Bitcoin channel. The reason behind the growing trade volume in fiat currencies against the decline of the amount in bitcoins is the recent surge in bitcoin price.

On 2 December 2016, the cryptocurrency added about $20 overnight and reached $772. During the rally, bitcoin hit the highest mark on the Chinese cryptocurrency exchange OKCoin where it surpassed $775. OKCoin traditionally shows higher rates than other trading platforms around the world. Last time, the cryptocurrency traded there at this level over 2.5 years ago in February 2014.

In Russia, the crypto market seems to react positively to a new regulatory move. Recently, the Federal Tax Service of Russian Federation circulated a formal explanatory letter concerning the legal status of cryptocurrencies in the country. According to the document, trading operations with bitcoin and other unofficial digital currencies are regarded by the law as foreign currency transactions, which do not require financial reporting in any form. Russian blockchain community considers this letter to be a gateway to explicit legalisation of digital currencies.

Roman Korizky

Image source: flickr.com