Category Archives: CryptoCompare

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Centralized Crypto Exchanges Experienced Major Trading Volume Uptick Last Month

Centralized Crypto Exchanges Experienced Major Trading Volume Uptick Last Month

Centralized exchanges experienced a significant increase in trading volume during April 2019, according to the monthly exchange review from cryptocurrency data analytics company CryptoCompare.

The April 2019 Exchange Review found that decentralized exchanges claimed just 0.068% of global spot exchange volumes, with an aggregate monthly total of USD 17 million.

Monthly volumes on fiat to cryptocurrency exchange platforms reportedly increased overall by 85%. South Korean exchange Bithumb held its title as the top exchange by trading volume during April, disclosing a total of USD 17 billion throughout April.

Upbit and Bitfinex held second and third place, Upbit enjoying a 20% increase to hit a trading volume of $8.7 billion, while Bitfinex took a significant bump up 114% to reach a volume of 6.7 billion.

On crypto-to-crypto exchanges, the average volume increase was 57%, led by Chinese platform FCoin with the highest monthly volume of USD 37.1 billion.

Cryptocurrency-based derivatives, alongside other institutional products, have also been on the rise; US financial market company CME noted a 263% increase in the average trading volume of Bitcoin derivatives, CME dominating this particular market. CME also enjoyed a rise in Bitcoin futures volumes from USD 70.5 million to USD 256 million.

Despite a decision to soon cease listing Bitcoin futures products, CBOE’s futures volume increased 109% during April, hitting USD 9.9 million.

 

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Jersey Exchange Swamped with Bitcoin Demand as UK Squabbles Over Brexit

jersey, cryptocurrency, binance

Hong-Kong based Binance is experiencing a huge response for Bitcoin at its newly opened trading platform on the Island of Jersey.

CEO Changpeng Zhao has reported crazy demand for new registrations on the new exchange since its opening last week which is based in the self-governing UK dependency. The overwhelming amount of applications for KYC is thought to be a direct result of the current uncertainty on the UK mainland over Brexit.

With UK prime minister Teresa May’s crushing defeat of her deal with the EU for an orderly exit from the European Union, the country is now faced with numerous options, none of which can be agreed upon by politicians charged with the responsibility of delivering Brexit. Binance’s Chief Financial Officer Wei Zhou explained why the mad rush for Bitcoin in Jersey:

“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern.”

Zhou goes on to explain that in his view, broader cryptocurrency adoption can be achieved by bridging the “crypto-fiat channel for Europe and the UK.” Binance has maintained for a while that Brexit could well impact on Jersey in terms of it becoming a driving force within Europe’s crypto market which has lagged behind Asia and North America.

Data provider CryptoCompare recently identified Europe’s sluggish performance compared to other markets, returning less than 4% of the global volume last year. Last week, UK Finance warned of the catastrophe that would occur within the country’s financial system if a no-deal Brexit was the final outcome on 29 March.

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Malta Now Tops the World in Crypto Trading With $40 Billion Volume

malta

Just in case crypto watchers haven’t noticed, a recent exchange report confirmed that Malta hasn’t simply slipped under the radar to become the country with the largest crypto trading volumes worldwide, but is planning to retain this accolade.

Both Binance and OKEx signed agreements with the Maltese Stock Exchange (MSX) to create regulated security token exchange platforms in 2018, illustrating the popularity of Malta as a European blockchain and crypto hub. At the end of 2018, Malta’s Parliamentary Secretary Silvio Schembri announced during Delta Summit 2018 that Malta wants to be leading the cryptocurrency race, not be the last one in.

Figures bear out where Malta stands in the crypto race at the moment, with the country’s exchanges processing just under $40 billion worth of cryptocurrencies by December of 2018; to put things in perspective that’s twice as much as the US, the fifth largest crypto trading hub.

The reason why Malta has achieved this success story is best summed up by Charles Hayter, co-founder of CryptoCompare who carried out the most recent report, claiming Malta has simply “carved out a crypto-friendly regulatory atmosphere,” which is why it is now home to some of the world’s largest exchanges.

Malta is supported from the very top, which is perhaps the most significant reason for its success, with both its prime minister Joseph Muscat, and finance minister Silvio Schembri leading the charge. Muscat has called cryptocurrencies the “inevitable future of money” with Schembri predicting that his country will become the “epicenter of the Blockchain industry.”

Joining Malta, Hong Kong, and the U.S. in the top five was Samoa, despite recent warnings from the country’s central bank that nationals should be careful if investing in digital currencies on the internet.

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