Despite the bloody week for cryptocurrencies, Bitcoin trading volume has been rising sharply in recent days on exchanges around the world.
It’s not just during market rallies (bull market) that Bitcoin exchanges see high trading volumes. During the last week of the downturn, brokers are increasingly profiting from high trading volumes.
Since last Thursday (5/5), the price of bitcoin has been falling sharply, taking all the rest of the cryptocurrency market along. In recent days, selling pressure has been fueled by the collapse of Terra Luna and UST, which liquidated billions of dollars in BTC.
With a noticeable inverse correlation to price, volume (indicated by the gray bars in the chart above) has risen in recent days. This movement is not uncommon, it is usually in the most volatile moments when brokers see more trades and high gains, since the brokers’ business model is based on trading fees.
Taking into account the volume of the entire global cryptocurrency market, the market saw a daily volume peak of $257 billion this Thursday (12). This represents an increase of around 300% in the daily trading volume seen earlier in the month.
In Brazil, brokerages saw 30% of April’s volume in one day
In Brazil, Bitcoin exchanges presented, just in the last 24 hours, 30% of the volume they had throughout the month of April. According to data from Cointrader Monitor, the last day’s volume was 3,328 BTC on Brazilian exchanges and 10,973 BTC during April 2022.
At the time of writing this article, BTC is changing hands at R$147,327.00, down 24.58% in the last week, according to data from Coingolive.
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