Bitcoin's Volume is Continuing to Decline at Major Exchanges
Bitcoin trading volume continued to slide on 26th January, as market sentiment showed signs it has yet to fully brush off the impact of new policies at major China-based exchanges. Overall trading volume has declined substantially in the days since OKCoin, BTCC and Huobi began charging trading fees on 24th January, and there are signs that these exchanges are acknowledging what could be a continued issue. Xu Qing, a spokesperson for Huobi, noted how these developments are impacting his exchange, telling CoinDesk: "The trading volume started plunging since we started charging trading....
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Bitcoin prices fell below $900 during late-night trading, continuing that trend as the day progresses. The digital currency’s price tumbled yesterday after major exchanges BTCC, Huobi and OKCoin began imposing trading fees following guidance from China's central bank. That move triggered a broad decline in volume at these exchanges. This development, combined with the previous announcement that those exchanges would halt margin trading, seems to have placed some downward pressure on prices. Bitcoin fell to as little as $885.72 on 24th January, roughly 2.5% below their daily high of....
The vast majority of bitcoin trading volume has traditionally been handled by a relatively small number of exchanges. However, the latest data indicates that volume has concentrated even further as smaller exchanges are being pushed aside, leaving them with a much lower share of the total volume of bitcoins traded than just a few months ago. Lost monopoly. Prior to the start of its decline in mid-2013, Mt. Gox had what amounted to an effective monopoly on bitcoin trading volume, often commanding upwards of 80-90% of total US dollar-denominated volume. However, as Mt. Gox's problems....
Payment services providers have also cut ties with major crypto exchanges despite having the same rate for gambling and fantasy sports platforms. Fresh data on Indian crypto exchanges’ trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India’s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects. A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph shows that trading volume on top Indian crypto....
In the long run, suppressing volatility and speculation will be positive for the bitcoin market. Bitcoin trading volume has been plummeting across all major Chinese exchanges. That is not entirely unexpected, considering these platforms have removed most of their margin trading options. Moreover, trading fees have been reinstated across Chinese exchanges, which will heavily impact trading activities. For the time being, this has not impacted the Bitcoin price all that much, though. The one-hour trading volumes across most major Chinese bitcoin exchanges took a big hit. Earlier tonight,....
Data shows Bitcoin trading volume has been on a decline recently, here is what it mean for the current BTC bull rally. Bitcoin Trading Volume Continues To Decline As per the latest report from Arcane Research, the 7-day average BTC trading volume has been on a decline this month. and is now close to $4 […]