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Canada’s peer-to-peer cryptocurrency trading volume has closely tracked changes in the number of temporary visa holders, according to Chainalysis.
The analysis found that since mid-2021, P2P trading volumes in Canada have moved in line with changes in the number of international students from India, China and the Philippines. Monthly volume peaked at around 650,000 transactions in the spring of 2024. After government policy changes cut visa issuance by more than half, P2P trading volume also declined. Chainalysis said the relationship reflects correlation rather than direct causation, although the same pattern held during both increases and declines.