{"id":606296,"date":"2023-02-09T12:49:00","date_gmt":"2023-02-09T18:49:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/09\/localbitcoins-shuts-down-after-a-decade-cites-very-cold-crypto-winter\/"},"modified":"2023-02-09T12:49:00","modified_gmt":"2023-02-09T18:49:00","slug":"localbitcoins-shuts-down-after-a-decade-cites-very-cold-crypto-winter","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/09\/localbitcoins-shuts-down-after-a-decade-cites-very-cold-crypto-winter\/","title":{"rendered":"LocalBitcoins Shuts Down after a Decade, Cites \u2018Very Cold Crypto Winter\u2019"},"content":{"rendered":"
\n

LocalBitcoins, a Finland-based peer-to-peer (P2P) Bitcoin (BTC) exchange
\nfounded in June 2012, has announced the timeline for the closure of its
\nBitcoin trading services. The exchange announced the development on
\nThursday in a statement on its website.<\/p>\n

The operator noted that LocalBitcoins can longer provide its BTC trading services as its efforts to weather \u201cthe ongoing very crypto winter\u201d has been
\nfutile. The announcement comes after a chaotic 2022<\/a> saw the crypto
\nindustry battle with the collapse of several crypto projects, including
\nonce-leading Bahamas-based crypto exchange, FTX. <\/p>\n

Due to prolonged crypto winter<\/a> or sustained
\ndeclining prices of digital assets and other factors, the market capitalization
\nof the cryptocurrency industry collapsed by 64.1%<\/a> from $2.3 trillion
\nat the start of last year to $829 billion by year-end. <\/p>\n

\u201cWe are sad to share that regardless of our efforts to overcome
\nchallenges during the ongoing very cold crypto winter, we have regretfully
\nconcluded that LocalBitcoins can no longer provide its Bitcoin trading
\nservice,\u201d LocalBitcoins announced.<\/p>\n

\n

???????? pic.twitter.com\/4j5M7iZkaD<\/a><\/p>\n

\u2014 LocalBitcoins (@LocalBitcoins) February 9, 2023<\/a><\/p><\/blockquote>\n

Data from CoinDance shows that<\/a> LocalBitcoins has been generating between $5 million to $10 million in weekly volumes in the past months, in sharp contrast to its peak periods in 2017 when it generated over $100 million weekly in trading volumes.<\/p>\n

\n

\"LocalBitcoins<\/p>

\n

LocalBitcoins’ weekly volume between 2013 and early 2023. SOURCE: Coin Dance.<\/p>\n<\/figcaption><\/figure>\n

LocalBitcoins Gives 12 Months Withdrawal Period<\/h2>\n

In preparation for its closure, LocalBitcoins has encouraged all its customers to
\nwithdraw their funds on its platform within the next 12 months or earlier. This
\nis even as P2P BTC exchange announced suspension of new signs up on its platform on Thursday
\n(today). <\/p>\n

Furthermore, the company noted that it will halt BTC trading on its platform
\non the 16th of this month and further bar the use of the platform\u2019s wallets on the same day. However, the wallets will be available for withdrawal of funds, LocalBitcoins said. <\/p>\n

In addition, starting from January 17th, 2023, LocalBitcoins’ customers
\nwill only be able to login into the platform to withdraw their Bitcoins as the
\ntrading and wallet services will no longer be available starting from that
\ndate.<\/p>\n

Meanwhile, Finance Magnates<\/em> reported in 2021 that Venezuelan authorities detained two scammers<\/a> over their alleged involvement in a $136,000 scam committed through LocalBitcoins. <\/p>\n<\/div>\n

\n

LocalBitcoins, a Finland-based peer-to-peer (P2P) Bitcoin (BTC) exchange
\nfounded in June 2012, has announced the timeline for the closure of its
\nBitcoin trading services. The exchange announced the development on
\nThursday in a statement on its website.<\/p>\n

The operator noted that LocalBitcoins can longer provide its BTC trading services as its efforts to weather \u201cthe ongoing very crypto winter\u201d has been
\nfutile. The announcement comes after a chaotic 2022<\/a> saw the crypto
\nindustry battle with the collapse of several crypto projects, including
\nonce-leading Bahamas-based crypto exchange, FTX. <\/p>\n

Due to prolonged crypto winter<\/a> or sustained
\ndeclining prices of digital assets and other factors, the market capitalization
\nof the cryptocurrency industry collapsed by 64.1%<\/a> from $2.3 trillion
\nat the start of last year to $829 billion by year-end. <\/p>\n

\u201cWe are sad to share that regardless of our efforts to overcome
\nchallenges during the ongoing very cold crypto winter, we have regretfully
\nconcluded that LocalBitcoins can no longer provide its Bitcoin trading
\nservice,\u201d LocalBitcoins announced.<\/p>\n

\n

???????? pic.twitter.com\/4j5M7iZkaD<\/a><\/p>\n

\u2014 LocalBitcoins (@LocalBitcoins) February 9, 2023<\/a><\/p><\/blockquote>\n

Data from CoinDance shows that<\/a> LocalBitcoins has been generating between $5 million to $10 million in weekly volumes in the past months, in sharp contrast to its peak periods in 2017 when it generated over $100 million weekly in trading volumes.<\/p>\n

\n

\"LocalBitcoins<\/p>

\n

LocalBitcoins’ weekly volume between 2013 and early 2023. SOURCE: Coin Dance.<\/p>\n<\/figcaption><\/figure>\n

LocalBitcoins Gives 12 Months Withdrawal Period<\/h2>\n

In preparation for its closure, LocalBitcoins has encouraged all its customers to
\nwithdraw their funds on its platform within the next 12 months or earlier. This
\nis even as P2P BTC exchange announced suspension of new signs up on its platform on Thursday
\n(today). <\/p>\n

Furthermore, the company noted that it will halt BTC trading on its platform
\non the 16th of this month and further bar the use of the platform\u2019s wallets on the same day. However, the wallets will be available for withdrawal of funds, LocalBitcoins said. <\/p>\n

In addition, starting from January 17th, 2023, LocalBitcoins’ customers
\nwill only be able to login into the platform to withdraw their Bitcoins as the
\ntrading and wallet services will no longer be available starting from that
\ndate.<\/p>\n

Meanwhile, Finance Magnates<\/em> reported in 2021 that Venezuelan authorities detained two scammers<\/a> over their alleged involvement in a $136,000 scam committed through LocalBitcoins. <\/p>\n<\/div>\n

Read More<\/a>
\n Solomon Oladipupo<\/p>\n","protected":false},"excerpt":{"rendered":"

LocalBitcoins, a Finland-based peer-to-peer (P2P) Bitcoin (BTC) exchange founded in June 2012, has announced the timeline for the closure of its Bitcoin trading services. The exchange announced the development on Thursday in a statement on its website. The operator noted that LocalBitcoins can longer provide its BTC trading services as its efforts to weather \u201cthe […]<\/p>\n","protected":false},"author":1,"featured_media":606297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534,119000,4625],"tags":[],"class_list":{"0":"post-606296","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-financial","8":"category-localbitcoins","9":"category-shuts"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/606296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=606296"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/606296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/606297"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=606296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=606296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=606296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}