Cryptocurrency trading volumes spike 17% in February – CryptoCompare




trading volumes soared by 17% last month in the wake of Tesla’s $1.5 billion bitcoin bet, with larger exchanges taking a growing share of the overall volumes, data showed on Friday.


Trading volumes jumped to $2.7 trillion in February, with volumes at major exchanges jumping over 35% to $2.4 trillion, researcher CryptoCompare said. Smaller exchanges saw volumes slump by 36% to $381 billion, suggesting growing consolidation of trading at larger venues.



Volumes hit an all-time high of $159.9 billion on Feb. 23, it said, when bitcoin sank 10%.


The embrace of cryptocurrencies by the likes of Inc and Mastercard Inc drove bitcoin to a record high of $58,354 and a $1 trillion market capitalisation last month. Growing interest from bigger investors has also added fuel to the cryptocurrency’s rally.


Bitcoin, whose history of wild price swings has long-hampered its use for commerce, has since slumped around 20% from its peak and was last trading at around $47,000.


Major exchange Binance saw the biggest trading volume in February of $761 billion, up 66% from the previous month, the data showed. That was followed by Huobi and OKEx, both popular with investors in Asia, which saw respective increases of 12% to $214 billion and 26% to $188 billion.


 


(Reporting by Tom Wilson; editing by Thyagaraju Adinarayan)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link