Data shows the Bitcoin trading volume spiked up last week as a result of Binance removing fee on its platform.
Bitcoin Trading Volume On Binance Alone Registered $11 Billion On 8th July
នេះបើយោងតាមរបាយការណ៍ប្រចាំសប្តាហ៍ចុងក្រោយពី ស្រាវជ្រាវ Arcane, the BTC volume on Binance accounted for 84% of the market’s total on its own.
"បរិមាណជួញដូរប្រចាំថ្ងៃ” is an indicator that measures the total amount of Bitcoin that changed hands on the entire network (or any particular exchange) in a day.
When the value of the metric goes up, it means the number of coins being transacted on the chain is increasing right now. Such a trend can show the network is becoming more active.
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On the other hand, declining volumes can suggest the BTC blockchain is losing activity at the moment. This may be a sign that investors are losing interest in trading the crypto.
ឥឡូវនេះនេះគឺជាតារាងដែលបង្ហាញពីនិន្នាការក្នុងបរិមាណជួញដូរ Bitcoin ក្នុងឆ្នាំកន្លងមកនេះ៖
The value of the metric seems to have shown a spike in recent days | Source: ការធ្វើបច្ចុប្បន្នភាពប្រចាំសប្តាហ៍របស់ Arcane Research - សប្តាហ៍ទី 27, 2022
As you can see in the above graph, the 7-day average daily Bitcoin trading volume observed a surge during the past week. However, the report notes that this increase in the indicator’s value didn’t come from organic trading.
Binance removed fees from its platform for selected spot BTC pairs last week to celebrate its 5th anniversary. Many traders indulged in a large amount of wash trading to exploit the removal for getting access to high tier fee rates (which unlock based on the user’s volume).
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The metric’s value reached $11 billion for Binance on 8th July, which represented 84% of the total volume on the entire BTC network.
While Binance is the largest exchange on the market, its volumes still normally account for around 50-60% of the market total.
The other exchanges observed very little activity during the last week, with their average even approaching the 1-year low. This means that organic trading in the Bitcoin market is still quite muted at the moment.
តម្លៃ BTC
នៅពេលសរសេរ។ តម្លៃរបស់ Bitcoin អណ្តែតនៅជុំវិញ $20.9k ធ្លាក់ចុះ 2% ក្នុងរយៈពេលប្រាំពីរថ្ងៃចុងក្រោយនេះ។ ក្នុងរយៈពេលមួយខែកន្លងមកនេះ គ្រីបតូបានបាត់បង់តម្លៃ 4%។
តារាងខាងក្រោមបង្ហាញពីនិន្នាការតម្លៃកាក់ក្នុងរយៈពេលប្រាំថ្ងៃចុងក្រោយនេះ។
Looks like the value of the crypto has surged up over the last couple of days | Source: BTCUSD ស្តីពី TradingView
Featured image from Mariia Shalabaieva on Unsplash.com, charts from TradingView.com, Arcane Research
Source: https://bitcoinist.com/bitcoin-volume-false-spike-due-binances-fee-removal/