A new cryptocurrency exchange review has reported that crypto-to-crypto exchanges out-peaked fiat currency pairs between mid-September to mid-October of this year.
CryptoCompare’s October 2018 Exchange Review records average trading volumes of exchanges offering crypto-to-crypto trades peaked at USD 7 billion a day compared to fiat currency pair volumes only hitting USD 4 billion, showing that pure crypto exchanges have been leading spot trading volumes. BitMEX has been accounting for about 90% of Bitcoin futures trading volume.
In terms of actual numbers, the balance of those exchanges offering fiat pairs and pure crypto-to-crypto trading is fairly equal, currently standing at 63 to 61 but with the spread of trading volume at over 2-1 in favor of pure crypto trading.
Binance CEO Changpeng Zhao suggests that fiat exchanges take longer to set up as some aspects are reliant on exterior forces beyond their control such as banks accounts and fiat gateways. Zhao remarked, “It’s a lot more tricky than pure crypto because, with pure crypto, we control everything; the blockchain does not reject us.”
Elsewhere in the report, it was noted that regulated exchanges such as the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) had returned relatively low Bitcoin futures trading volumes and that BitMEX and BitFlyerFX had averaged just under a quarter of trading volume with BitMEX representing over 90% of the futures market.
South Korean exchange Bithumb has seen a surge in trading volumes after the recent BK Global Consortium takeover. With daily trading volume near USD 400 million, it is the sixth-largest in the world behind Binance, OKEx, Huobi, Bitfinex, and Upbit. A total of 37 different cryptocurrencies are traded on the exchange. The report also indicates that BTC to Korean Won (KRW) trading now represents a tenth of the total Bitcoin trading volume among the top five fiat currencies.
The Intercontinental Exchange (ICE), which operates 6 clearinghouses and 12 stock exchanges including the New York Stock Exchange (NYSE), has announced that physical Bitcoin futures will go live on 12 December 2018 on their first crypto exchange, Bakkt. Physical Bitcoin futures could lead to the long-awaited rally major rally driven by institutional investments.
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