Posted 11 months ago | by Ben Armstrong
CryptoCompare Reveals that Binance Grew Derivatives Trade in April
Cryptocurrency exchange Binance was the only trading platform which saw its derivatives trading volumes grow last month, with the total volume for April coming in at $108 billion (all figures are given in USD). Binance is an innovative crypto company, and it has a range of tools for traders of every kind.
According to CryptoCompare’s April 2020 Exchange Review, while the derivatives trading volumes of BitMEX and other popular trading platforms dropped, Binance increased its volumes by a total of 11.6% compared to last month.
Huobi was the largest derivatives exchange last month which traded a total of $133 billion. Its volume dropped 10.5% since March. The following exchange was OKEx, trading a total of $113 billion last month.
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Binance is Growing its Footprint
CryptoCompare added that when the price of bitcoin dropped below the $9,000 mark on April 30, 2020, the majority of the BTC/USDT market’s trading volume belonged to Binance, which traded a total of $15 million by 11 am BST.
Binance, at the moment, took up around 50% of the trading volume among seven of the largest top-tier exchanges in the cryptocurrency space.
Binance and OKEx were the top players when compared to other exchanges in terms of the total trading volume. On April 30, Binance traded a total of $3.6 billion and OKEx was $2.5 billion. Coinbase, the other largest trading platform, logged $800 million.
More Ways to Trade With Brave Browser
The CEO of Brave, Brendan Eich, recently said in a Tweet streamline that most Brave’s users have not yet actually used its cryptocurrency features. This may change as more people look for ways to divest their assets from the existing financial system, which isn't likely to last more than a few more years.
While there is no way to know how much longer the post-WW2 Western financial system will last, the fact that China is openly talking about dumping US debt, as the US central bank buys that same debt in enormous quantities is cause for concern.