Data shows the Bitcoin trading volume spiked up last week as a result of Binance removing fee on its platform.
Bitcoin Trading Volume On Binance Alone Registered $11 Billion On 8th July
Акыркы жумалык отчетуна ылайык жазгырма изилдөө, the BTC volume on Binance accounted for 84% of the market’s total on its own.
"күнүмдүк соода көлөмү” is an indicator that measures the total amount of Bitcoin that changed hands on the entire network (or any particular exchange) in a day.
When the value of the metric goes up, it means the number of coins being transacted on the chain is increasing right now. Such a trend can show the network is becoming more active.
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On the other hand, declining volumes can suggest the BTC blockchain is losing activity at the moment. This may be a sign that investors are losing interest in trading the crypto.
Эми, бул жерде өткөн жылдагы Bitcoin соода көлөмүнүн тенденциясын көрсөткөн диаграмма:
The value of the metric seems to have shown a spike in recent days | Source: Arcane Research'тин жумалык жаңыртуусу - 27-жума, 2022-жыл
As you can see in the above graph, the 7-day average daily Bitcoin trading volume observed a surge during the past week. However, the report notes that this increase in the indicator’s value didn’t come from organic trading.
Binance removed fees from its platform for selected spot BTC pairs last week to celebrate its 5th anniversary. Many traders indulged in a large amount of wash trading to exploit the removal for getting access to high tier fee rates (which unlock based on the user’s volume).
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The metric’s value reached $11 billion for Binance on 8th July, which represented 84% of the total volume on the entire BTC network.
While Binance is the largest exchange on the market, its volumes still normally account for around 50-60% of the market total.
The other exchanges observed very little activity during the last week, with their average even approaching the 1-year low. This means that organic trading in the Bitcoin market is still quite muted at the moment.
BTC Баасы
Отчет жазылып жаткан учурда, Bitcoin баасы 20.9 миң доллардын тегерегинде калкып, акыркы жети күндө 2% га төмөндөдү. Акыркы бир айдын ичинде крипто 4% баасын жоготту.
Төмөнкү диаграмма акыркы беш күндүн ичинде монетанын баасынын тенденциясын көрсөтөт.
Looks like the value of the crypto has surged up over the last couple of days | Source: TradingView боюнча BTCUSD
Featured image from Mariia Shalabaieva on Unsplash.com, charts from TradingView.com, Arcane Research
Source: https://bitcoinist.com/bitcoin-volume-false-spike-due-binances-fee-removal/