Bitcoin Halving In Full Swing, OKEx And Binance Record Highest Daily Spot Trading Volumes

On April 30, 2020, the day when Bitcoin prices broke above the $8,000 resistance level, record volumes were registered on Binance, OkEx, and Coinbase.
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Bitcoin Halving In Full Swing, OKEx And Binance Record Highest Daily Spot Trading Volumes

In Volumes is an important variable that influence price action. On April 30, 2020, the day when Bitcoin prices broke above the $8,000 resistance level before galloping towards $9,000, record volumes were registered on Binance, OkEx, and Coinbase. These ramps are popular and are three of the world’s leading cryptocurrency exchanges.

Specifically, Binance and OkEx printed $3.2 billion and $2.5 billion, respectively, in trading volumes while the US-based Coinbase had 818 million. Interestingly, this was roughly a week before the Bitcoin halving event where traders are angling to profit from the expected re-pricing that could see BTC rally.

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Bitcoin Halving Soars Volumes at P2P Platforms and CME Bitcoin Options  

Meanwhile, BTC trading volumes from peer-to-peer trading platforms is now above 2017 highs according to data published by Useful Tulips. At the same time, the flow from institution continues to pick up as CME Bitcoin Options volumes soared to a new all-time high on May 5.

The Bitcoin price is currently hovering around the $9,700 level, $300 from $10,000, an important psychological mark.

Bitcoin Price Performance
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Volume Is a Measure of Investor Interest

There are several variables that determine price. Given how unique cryptocurrencies are, other than price action and hype, trading volumes can be used as a metric to test popularity and therefore liquidity.

The higher the trading volumes, the higher the liquidity and depending on price action, the surge can indicate entry of bears or bulls.

In April, prices, as aforementioned, surged past $8,000 in a breakout pattern confirming the double-bar bullish reversal pattern of April 15 and 16 and most importantly reversing losses of Mar 12’s Black Thursday.

On Mar 12, Bitcoin prices plunged from around the $8,000 mark, temporarily sinking to lows of $3,800 as the global markets were thrown to disarray because of coronavirus which continues to claim lives and force restrictive measures from governments around the world.

Halving Draws Interest, Hedge Fund to Invest in Bitcoin Futures

Even though volumes have dropped slightly, there is interest from the trading community. While participation is in pulses, fluctuating between highs and shrinking depending on supply or demand, the upcoming halving event is drawing capital to Bitcoin.

The digital asset outperformed gold, a safe haven asset, year-to-date and has been described as the fastest horse by a billionaire hedge fund manager Paul Tudor Jones.

His hedge fund has been authorized to allocate part of the $38 billion under management in Bitcoin futures, a derivative product whose index tracks the real-time price of Bitcoin.

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Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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