Trading volumes on major cryptocurrency exchanges hit a daily record on Monday of over $68 billion, research showed, highlighting the trading frenzy that has accompanied bitcoin’s charge to an all-time high.
“This is the domino effect as asset managers tumble their portfolios into bitcoin,” Charles Hayter, CEO of crypto market data provider CryptoCompare, told CNBC.
Bitcoin enthusiasts agree the digital currency hit a record recently. What they don’t agree on is the level of that milestone or even when it was set. f that milestone or even when it was set.
“The gap between the crypto world and traditional financial institutions has closed dramatically,” Charles Hayter, CEO of crypto market data provider CryptoCompare, told CNBC.
“With PayPal’s 346 million users and 26 million merchants this development brings digital assets to the mainstream public in a more meaningful way than anything else we have seen this year,” wrote Charles Hayter, founder and chief executive officer at CryptoCompare.
CryptoCompare reports that Grayscale's exchange-traded products are generally underperforming the market this month. (...) CryptoCompare’s most recent Digital Asset Management Review (...) found that “Grayscale’s products generally underperformed compared to the market.”
A CryptoCompare report published Thursday shows volumes for cryptocurrency-based exchange-traded-products (ETPs) have fallen to a fraction of what they were in August.
Singapore Exchange Ltd. is creating two new cryptocurrency indexes (...) SGX’s iEdge Bitcoin Index and iEdge Ethereum Index will use inputs from exchanges determined by CryptoCompare, according to the methodology.
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The average daily volume of top derivatives exchanges, including Huobi, BitMex and OkEx, dropped from 30% to nearly 60% between March and April, according to CryptoCompare. Average daily volume on many spot exchanges, including Binance and OkEx, also dropped by at least 10%.
According to data from CryptoCompare, bitcoin has outshone oil for far longer than just a few days when it comes to price stability.
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