Crypto exchanges kick off 2019 on a cold note
The bearish market trends have worsened the cryptocurrency industry to such an extent that they are seeing the lowest trading volumes since the bull run of 2017. The data published on Diar, a crypto and blockchain research firm, shows how crypto exchanges are performing lately.
Binance, arguably the world’s largest crypto exchange, is facing a severe slump. Since December 2018, Binance is said to have lost over 40% of its trading volume. And when it comes to USA’s most prominent exchange, Coinbase, the situation looks far worse. The trading of BTC/USD on Coinbase is experiencing its lowest since May 2017, which was prior to the bullish run. At the moment, Coinbase’s BTC/USD trading volume stands at just $1 billion.
OKEx, the Hong Kong-based crypto giant, saw healthy growth in crypto trading until December 2018. It saw trading volumes in excess of $3.5 Bn, $5 Bn and $5.5 Bn in the months of October, November, and December respectively. However, the very first month of 2019 has pulled down the trading volume to under $4 Bn, according to the report by Diar.
The cause of the slump could be due to a lack of volatility during this year. However, no significant improvement is expected any time soon due to the continuing trend until the Value of Bitcoin and other cryptocurrencies see a significant increase in price.
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