2022-9-8 22:00 |
The crypto exchange Binance has recently continued to push for growth in its share of the Bitcoin volume, as well as the stablecoin market.
Binance Zero Fees Leads To Big Surge In Bitcoin Trading Volume, Exchange Drops USDC SupportAs per the latest weekly report from Arcane Research, the volume on Binance has remained substantially more than the rest of the market.
The “daily trading volume” is an indicator that measures the total amount of Bitcoin being transacted in spot markets on any given day.
When the value of this metric is high, it means investors are moving a large number of coins in spot exchanges right now. Such a trend suggests the market is active right now.
On the other hand, the indicator’s value being low implies there isn’t much market activity going on at the moment. This kind of trend can hint that the general interest around the crypto is low currently.
Now, here is a chart that shows the trend in the Bitcoin trading volume for the crypto exchange Binance and that for the rest of the market:
The value of the metric seems to have been quite low for most of the market in recent days | Source: Arcane Research's The Weekly Update - Week 35, 2022As you can see in the above graph, the 7-day average Bitcoin trading volumes on Binance have been much larger than those on other exchanges combined recently.
The reason behind these extraordinary volumes is the fee removal by the exchange on all its stablecoin BTC pairs back in summer.
However, a big part of these transactions are bound to be inorganic (that is, simply coming from those using high-volume trading strategies now that they have become viable), since the rest of the market has seen no uptick in activity whatsoever.
The exchange has also announced that it’s now dropping support for USD Coin (USDC), a rival stablecoin to its own Binance USD (BUSD).
The report notes that these two policies are part of Binance’s aggressive push to gain more marketshare of both the Bitcoin volume and the stablecoin sector.
Even if a large percentage of the new volumes are inorganic, the crypto exchange’s offensive push has still been successful due to the sheer increase in its share of the total Bitcoin trading volume.
BTC PriceAt the time of writing, Bitcoin’s price floats around $18.9k, down 6% in the last week.
Looks like the value of the crypto has plunged down over the past day | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research origin »Bitcoin price in Telegram @btc_price_every_hour
Binance Coin (BNB) на Currencies.ru
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