The massive Bitcoin rally over the past week has thrust the digital currency into the spotlight once again. Mainstream financial news outlets like Bloomberg, CNBC and The Wall Street Journal have published numerous articles attempting to explain the underlying mechanics of the recent rally. The block reward halving, as well as the influx of new Chinese investors looking to diversify into digital currencies, are two of the most common theories used by mainstream journalists trying to fathom why Bitcoin is trading north of $700.
While the Chinese investors may very well be behind Bitcoin's stellar performance, volumes on LocalBitcoins have also spiked in most countries, with new all-time highs in China, Kenya and Pakistan for the week of 2016-06-11, according to data gathered by Coin.dance.
Several other counties also posted their second-best weekly volumes on LocalBitcoins; Norway came in at 749,453 Norwegian Krone; volume in the US registered $7,699,490; Venezuelan Bolivar trades came in at 74,433,955; trades in Canada totaled 265,524 CAD.
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