Categories: Bitcoin Business

Binance and Coinbase Traffic Soar Amid 14-Month High Bitcoin Volume

Click here to view original web page at bitcoinist.com

Share

Tweet

Send

Share

May saw a surge in traffic to some key cryptocurrency exchanges as Bitcoin trading volumes on Binance and Coinbase hit a 14-month high.

Coinbase Bitcoin Trading Volumes Spiked In May 2019

Most likely, U.S. President Donald Trump’s trade wars, Brexit turmoil, and the specter of a looming world recession are propelling excitement in the cryptocurrency market. As a result, website traffic on major exchanges, such as Binance and Coinbase, soared in May 2019.

Bitcoin exchanges popularity continues to soar. For example, data from SimilarWeb shows that cryptocurrency exchange Binance, one of the top 1000 websites in the world, had over 42 million visits in May.

Similarly, Coinbase, the largest US-based Bitcoin exchange, received over 35 million visits.

Most importantly, money is flooding into the exchanges, as many of these visits were materialized in trades for about $5.9 billion USD in May 2019.

For example, on May 16, volume on Coinbase hit a 14-month high, with over 47,400 BTC (roughly $376 million USD) traded, as the chart provided by Bitcoinity shows below.

Trading Volume Continues to Climb in Latin America

Economic woes are pushing Bitcoin trading volumes, particularly across Latin America. Countries such as Chile, Colombia, Peru, Brazil, and Argentina, show strong volume surges during the last few weeks, according to data provided by LocalBitcoins.

In April, when the U.S. threatened to cut remittances made by illegal Mexicans, Mexico saw Bitcoin volume record highs. Most recently, Mexico was under a U.S. trade war threat. Fortunately, these threats have now receded, after Mexico agreed to take action to stem the flow of Central American immigrants into the U.S.

Most notably, although Brazilian president Jair Bolsonaro admits his ignorance about the cryptocurrency, Brazil holds the record for most bitcoin trades executed on a single day in Latin America. According to CointraderMonitor, 100,000 bitcoins were traded on April 10, 2019.

Argentina, with whom the Brazilian cryptocurrency illiterate is reportedly mulling about establishing a single currency in the South American region, also continues to see steady increases in Bitcoin trading volumes.

The month of May also saw Bitcoin derivatives exchange BitMEX set a new record of $10 billion USD traded in a single day.

But centralized crypto exchanges aren’t the only one seeing a boom in traffic. Interest from institutional investors is also skyrocketing.

CME Bitcoin Futures, for examples, set a record high volume at the end of May with an open interest of 5,190 contracts (1 contract equals 5 BTC).

Do you think the uncertain global economy contributes to the recent upswing in Bitcoin’s trading activity on Coinbase? Let us know in the comments below!

_____________________________________________________________________

Images courtesy of via LocalBitcoins/coin.dance, Bitcoinity, Shutterstock

Tweet

Send Share May saw a surge in traffic to some key cryptocurrency exchanges as Bitcoin trading volumes on Binance and Coinbase hit a […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

6 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

6 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

6 hours ago

I-Team: Bitcoin scams rob Triangle investors of $54K

RALEIGH, N.C. (WTVD) -- A series of online heists is robbing even the most tech-savvy people in the Triangle.According to… Read More

6 hours ago

Colombia is slowly moving toward Bitcoin-friendly regulations

To say Colombia doesn’t have the best cryptocurrency regulations in the world would be an understatement. As it stands, crypto,… Read More

6 hours ago

Ethereum price analysis: Bulls take full control of ETH/USD

ETH/USD went up from $218.55 to $220.60. The Relative Strength Index (RSI) indicator is trending in the overbought zone. ETH/USD… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More