Crypto Market In Overdrive: Spot Trading Volumes Spike, Binance Web Traffic Soars
Portfolio Pulse from Murtuza Merchant
The cryptocurrency market saw a significant increase in trading activities in November, with spot trading volumes on major exchanges rising by 60%. KuCoin, OKX, and Mexc led the surge. Futures trading volumes also increased by 44.4%, with Crypto.com, OKX, and Kucoin experiencing the highest growth. Web traffic for exchanges like Kucoin, Crypto.com, and Binance increased, while Huobi's traffic dropped notably. Bitfinex reported that Bitcoin supply on exchanges is at its lowest in six years, suggesting a decrease in selling intentions.
December 11, 2023 | 8:28 pm
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Bitcoin supply on exchanges has dropped to a six-year low, indicating a potential decrease in selling intentions and possibly leading to reduced liquidity and increased volatility.
The reduction in Bitcoin supply on exchanges typically suggests that holders are moving to long-term storage, which can decrease selling pressure and increase scarcity, potentially driving up the price in the short term. However, it could also lead to increased volatility due to reduced liquidity.
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