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Constantine Tsavliris, head of research at crypto data site CryptoCompare, said the harsh rhetoric was likely to result in a “short-term sell-off as negative news presses investors to take a conservative approach.”

While SHIB has a wide range of pairs on dex platforms like Uniswap, Sushiswap, and Shibaswap, on centralized exchanges tether (USDT) commands 79% of all trades according to CryptoCompare analysis.

The latest market research by CryptoCompare indicates derivatives volumes increased by 37.8% in August 2021 to $3.4 trillion

Crypto data tracking service CryptoCompare noted in its report that volumes associated with digital asset investment products rose 9.6% in September.

Cryptocurrency exchange Binance said on Friday it would demand stricter background checks on customers to bolster efforts against money laundering, with immediate effect.

In August, crypto trading volumes surged as crypto-based derivative products hit all-time highs, according to the monthly Exchange Review report by CryptoCompare.

A panel of crypto experts has predicted that the price of bitcoin will rise to $318,417 by December 2025. The most bullish expert believes that the price of the cryptocurrency will reach $160,000 by the end of the year.

In June, more crypto derivatives were traded than actual coins, the first time that had happened in 2021, according to data tracker CryptoCompare.

Cryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.

Trading volumes at the largest exchanges, including Coinbase, Kraken, Binance and Bitstamp, fell more than 40% in June, according to CryptoCompare.