ביטקאָין באנד געזען פאַלש ספּייק רעכט צו באַזייַטיקונג פון בינאַנסע אָפּצאָל

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

לויט די לעצטע וואכנשריפט באריכט פון אַרקאַנע פאָרשונג, the BTC volume on Binance accounted for 84% of the market’s total on its own.

די "טעגלעך טריידינג באַנד” 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.

איצט, דאָ איז אַ טשאַרט וואָס ווייזט די גאַנג אין די ביטקאָין טריידינג באַנד איבער די לעצטע יאָר:

The value of the metric seems to have shown a spike in recent days | Source: די וואכנשריפט דערהייַנטיקן פון Arcane Research - וואָך 27, 2022

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.

בטק פּרייס

אין דער צייט פון שרייבן, די פּרייַז פון ביטקאָין פלאַץ אַרום $ 20.9 ק, אַראָפּ 2% אין די לעצטע זיבן טעג. אין די לעצטע חודש, די קריפּטאָ האט פאַרפאַלן 4% אין ווערט.

די אונטן טשאַרט ווייזט די גאַנג אין די פּרייַז פון די מאַטבייע אין די לעצטע פינף טעג.

Looks like the value of the crypto has surged up over the last couple of days | Source: בטקוסד אויף טראַדינגוויעוו

Featured image from Mariia Shalabaieva on Unsplash.com, charts from TradingView.com, Arcane Research