CommunityBitcoins, a single of the oldest P2P cryptocurrency exchanges, abruptly announced it was shutting down “due to market conditions”.
On the evening of February 9, 2023, CommunityBitcoins, a P2P Bitcoin exchange founded in 2013 and primarily based in Helsinki (Finland), announced its closure.
The strategy 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 customers will only be capable to entry the exchange to withdraw money. The exchange will sustain withdrawal assistance for the upcoming twelve months.
CommunityBitcoins is a P2P exchange that will allow customers to straight invest in and promote Bitcoins with every other and pay out by way of financial institution transfer or worldwide cash transfer channels.
When the cryptocurrency market place was in its infancy and particularly right after the collapse of Mt. Gox, CommunityBitcoins has develop into a single of the foremost strategies to invest in and promote Bitcoin. It is also a location wherever traders can carry out arbitrage, invest in Bitcoin P2P and then promote them on CEX exchanges or vice versa.
At the height of the 2017 uptrend, the exchange had weekly trading volume that persistently exceeded the $one hundred million mark for numerous consecutive weeks. However, from the starting of 2023 until finally now, the weekly volume of CommunityBitcoin has averaged only $five-seven million.
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