NeighborhoodBitcoins, 1 of the oldest P2P cryptocurrency exchanges, unexpectedly announced it was shutting down “due to market conditions”.
On the evening of February 9, 2023, NeighborhoodBitcoins, a P2P Bitcoin exchange founded in 2013 and based mostly in Helsinki (Finland), announced its closure.
— NeighborhoodBitcoins (@NeighborhoodBitcoins) February 9, 2023
The program rep wrote:
“We are saddened to share that despite our efforts to weather the current cryptocurrency winter, we have come to the conclusion that LocalBitcoins cannot continue to offer Bitcoin trading services.”
Trading will cease on February sixteen, right after which end users will only be in a position to entry the exchange to withdraw money. The exchange will preserve withdrawal help for the following twelve months.
NeighborhoodBitcoins is a P2P exchange that enables end users to right acquire and promote Bitcoins with just about every other and shell out through financial institution transfer or global cash transfer channels.
When the cryptocurrency marketplace was in its infancy and particularly right after the collapse of Mt. Gox, NeighborhoodBitcoins has grow to be 1 of the primary approaches to acquire and promote Bitcoin. It is also a area exactly where traders can carry out arbitrage, acquire Bitcoin P2P and then promote them on CEX exchanges or vice versa.
At the height of the uptrend of 2017, the exchange had a weekly trading volume that generally reached in excess of $a hundred million for several consecutive weeks. However, considering the fact that the starting of 2023, NeighborhoodBitcoin’s weekly volume has averaged only $five-seven million.
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