Active Stocks
Tue Mar 19 2024 09:07:13
  1. Tata Steel share price
  2. 149.55 -0.03%
  1. Tata Consultancy Services share price
  2. 4,055.65 -2.15%
  1. Power Grid Corporation Of India share price
  2. 263.00 -0.75%
  1. Tata Motors share price
  2. 970.55 -0.17%
  1. NTPC share price
  2. 315.00 -0.68%
Business News/ Markets / Cryptocurrency/  Binance trading volumes surge 65% in August despite regulatory pressure
BackBack

Binance trading volumes surge 65% in August despite regulatory pressure

The growth happened despite regulators around the world stepping up pressure on the crypto exchange

A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)Premium
A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)

NEW DELHI : Binance Holdings Ltd, the world’s largest cryptocurrency exchange operator, saw 65% rise in trading volumes on its platform on a monthly basis, according to a report by digital asset data provider CryptoCompare. This was despite regulators around the world stepping up pressure on the crypto exchange.

Cryptocurrencies gained ground in August with bitcoin rising 18.3%, while ether saw a larger monthly increase of 35.7% following the London hard fork on 5 August.

Moreover, ether competitors experienced a significant rally, with both cardano and solana up 110.2% and 194.9%, respectively, during the month.

“This rally, combined with an NFT resurgence, contributed to a surge in trading volumes and open interest. For example, top-tier spot volumes increased 43.6% to $2.4 trillion in August, while a daily volume maximum of $104.8 billion was traded on the 23 August, up 7.9% from the intra-month high in July," CryptoCompare said in the report.

CryptoCompare ranks exchanges ‘top-tier" or ‘lower-tier’ based on factors that include, geography, legal/regulatory assessment, investment and market quality, among others.

As per CryptoCompare, top-tier exchanges now represent 91.7% of the total spot volume, while Binance traded the largest spot monthly volume in August, rising 65.2% month-on-month to $751 billion.

This was followed by OKEx trading $177.8 billion (up 82.4%), and Huobi Global trading $166 billion (up 79.4%). BeQuant, Coinbase and FTX followed, trading $109 billion (up 51.5%), $96.3 billion (up 79.1%) and $61.1 billion (up 73.5%) respectively.

Moreover, derivatives volumes also increased 37.8% in August to $3.4 trillion. Meanwhile, total spot volumes increased 40.0% to $2.6 trillion. The derivatives market now represents 56.6% of the total crypto market vs 56.9% in July.

Binance also led the derivative markets with 56.1% ($1.9 trillion) of total volumes in the month of August. This was followed by OKEx (14.3% market share, $488 billion) and Bybit (11.4% market share, $389 billion).

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 15 Sep 2021, 03:41 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie