Attendance of the largest bitcoin exchanges reached record levels since the beginning of the year
Donald trump’s trade wars, prolonged uncertainty in connection with the expected exit of the UK from the EU (Brexit), as well as the looming threat of a global recession could be factors that in may revived activity in the crypto-currency markets, bitcoinist writes. Against this background, traffic on the leading bitcoin exchanges, in particular on Binance and Coinbase, significantly increased.
So, according to SimilarWeb, Binance, which is one of the thousand most visited sites in the world, in may was visited by 42 million people. Coinbase, the largest cryptocurrency exchange in the United States, had this figure of 35 million people.
The increased attendance, in turn, was converted into the inflow of funds to the exchanges and the growth of trade volumes, which together last month amounted to about $5.9 billion. Also last month, a 14-month maximum in terms of trading volumes was recorded on Coinbase. A record day at the same time fell on may 17, when the exchange concluded transactions for more than 47 400 BTC (about $376 million).
Economic problems push the growth of transactions with bitcoin almost all over the world, but this is especially evident in the example of Latin America. Thus, according to LocalBitcoins, in recent weeks, a significant increase was noted in Chile, Colombia, Peru, Brazil and Argentina, and in Mexico, which due to the uncontrolled flow of immigrants was also threatened by a trade war with the United States, trading volumes reached a new record level.
Also, a stable growth in the volume of transactions on LocalBitcoins is observed in Argentina, however, over the past few months, the absolute record for the number of bitcoins sold in one day belongs to Brazil – according to CointraderMonitor, on April 10, users of the platform in this country concluded transactions for 100 000 BTC.
In addition, in the first half of may, the bitmex bitcoin derivatives exchange updated its own record for daily trading volume – more than $10 billion, and at the end of the month the historical maximum for open contracts for bitcoin futures was recorded on the Chicago Mercantile exchange (CME), which indicates an increase in the interest of institutional investors.
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