Despite a growing Bitcoin price and increasing global interest in cryptocurrencies, U.S. Bitcoin trading in early 2021 was lower than it was during June 2020. This conclusion reveals itself after investigating Bitcoin trading volume against domestic currencies used for the transaction of the virtual currency. In the first weeks of January 2021, less U.S. dollars were spent on buying Bitcoin than in several weeks in 2020. For some this might be surprising, as the United States ranks as the world's leading country in terms of Bitcoin trading in 2020.
It should nevertheless be noted that the source believes the domestic currencies are mainly used by the domestic population: it assumes U.S residents are the only ones who make transactions with U.S. dollars. Whether this assumption is right or not, cannot be verified here (although the international appeal of the U.S. dollar on foreign exchange markets should not be ruled out).
Bitcoin trading volume on online exchanges in the United States from March 16, 2013 to February 13, 2021
The figures provided have been compiled by Statista from three different traders: LocalBitcoins, Paxful, and Bisq. Dramatic changes from one week to the next might be attributed to one of these traders providing lower figures than in a previous week.
The majority of figures were reported on Saturday, the end of the regular trading week. Occasionally, however, figures might be reported on a Friday or other day of the week. The source does not specify why this occurred.
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Statista. (February 15, 2021). Bitcoin trading volume on online exchanges in the United States from March 16, 2013 to February 13, 2021 [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1196036/bitcoin-market-size-usa/
Statista. "Bitcoin trading volume on online exchanges in the United States from March 16, 2013 to February 13, 2021." Chart. February 15, 2021. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1196036/bitcoin-market-size-usa/
Statista. (2021). Bitcoin trading volume on online exchanges in the United States from March 16, 2013 to February 13, 2021. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1196036/bitcoin-market-size-usa/
Statista. "Bitcoin Trading Volume on Online Exchanges in The United States from March 16, 2013 to February 13, 2021." Statista, Statista Inc., 15 Feb 2021, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1196036/bitcoin-market-size-usa/
Statista, Bitcoin trading volume on online exchanges in the United States from March 16, 2013 to February 13, 2021 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1196036/bitcoin-market-size-usa/ (last visited November 10, 2024)
Bitcoin trading volume on online exchanges in the United States from March 16, 2013 to February 13, 2021 [Graph], Statista, February 15, 2021. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1196036/bitcoin-market-size-usa/