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According to an badysis published on Feb. 4 by the crypto and blockchain research company Diar, the volume of trading on the cryptocurrency exchanges plunged to new lows in January.
Since the beginning of the year, the digital exchange markets have reported a decline in trading volumes, marking new lows not recorded since 2017. Diar adds that this period became the worst period of the first stock exchange encryption. world in terms of adjusted transaction volume. , Binance, as its Bitcoin (BTC) / US dollar market (USD) reduced by more than 40% compared to December 2018.
As for the main US cryptocurrency market Coinbase, its BTC / USD market is also experiencing troughs that have not been seen since May 2017, at around $ 1 billion.
Coinbase transaction volume graph. Source: Diar
The Hong Kong-based OKEX cryptocurrency company reportedly lost a three-month growth in trading volume, falling below $ 4 billion after peaking at about $ 5.5 billion.
OKEx transaction volume graph. Source: Diar
The report follows statements by Binance CEO Changpeng Zhao in November 2018, saying the company was not concerned about the low trade volumes caused by the market downturn earlier this month. . Zhao then stated that Binance had recorded one-tenth of the volume of its transactions in January 2018, but that it was still well above the volumes of "two or three years ago".
In December, a report prepared by the Blockchain Transparency Institute (BTI) stated that the majority of the top 25 pairs of BTC trades listed on CoinMarketCap were based on "grossly inflated" volume volumes. "Obvious evidence" of wash trading was allegedly discovered for cryptographic exchanges such as Huobi and HitBTC, "but to a lesser extent" than OKEx. BTI also badyzed Bithumb and reportedly found "a large amount" of wash trading mainly with Monero (XMR), Dash, Bitcoin Gold and ZCash (ZEC) altcoins.
In January, Diar released an badysis showing that the transaction value on the chain of the third-largest cryptocurrency, Ethereum (ETH), had reached a record high in December 2018, reaching 115 million. Dair said: "In terms of counting transactions on the channel, the" super computer "has regained its stability since October, recording between 16 and 17 million monthly transactions."
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