The trading volumes of bitcoin on the largest US-based cryptocurrency exchanges, Coinbase, reached a new high in 14 months in May. Coinbase traded over 47,400 BTC which is roughly $376 million USD on May 16, as seen on a chart provided publicly by Bitcoinity.
This was most likely as a result of the excitement set in motion by several events such as the prospect of a world recession brewing, Brexit chaos as well as the U.S. President Donald Trump’s trade war with China which some analysts predict would shoot the Bitcoin price to $25,000 by year’s end.
The recent development set by Coinbase signifies the highest level of bitcoin trading volumes succeeding that of March 2018, and marks the sixth-most vast month of bitcoin trading on the exchange till date.
Trading Volumes of Coinbase Bitcoin Spiked In May 2019
When Bitcoin reached as high as $19,891 in the December of 2017 and 1,275,295.522 BTC traded hands on Coinbase, it was recorded as the month the most bitcoin was ever traded in a month. The total units traded in May 2019 makes up almost 60 percent of the amount seen in the rocketing trading month of December 2017 even with the price of Bitcoin now trading roughly 60 percent lower than that of the all-time high. The month of May also saw Bitcoin derivatives exchange BitMEX reach a new record of $10 billion USD traded in a single day.
Popularity of Bitcoin Exchanges Continues To Soar
The traffic on Bitcoin exchanges all over the world continues to increase as money keeps flooding into these exchanges particularly Binance and Coinbase as many of these visits were transpired into trades of about $5.9 billion USD in May 2019. Data shows that the popular cryprocurrency exchange, Binance, had over 42 million visits in May while the US-based Bitcoin exchange Coinbase recorded over 35 million visits.
Centralized crypto exchanges are not the only ones experiencing growth in their records and traffic as interest from institutional investors such as CME Bitcoin Futures set a record high volume at the end of the month of May with an open interest of 5,190 contracts and 1 contract equals 5 BTC.
The trading volumes in Latin America particularly countries such as Chile, Columbia, Peru, Brazil and Argentina are also surging as a result of Economic problems pushing the Bitcoin trading volumes.
With the threats of the U.S trade war now receding as a result of Mexico agreeing to take action to stop the activities of Central Americans immigrants moving illegally into the U.S., Mexico’s records of Bitcoin volume have been reaching new highs. Countries such as Brazil and Argentina have been seeing steady increases in Bitcoin trading volumes and Brazil holds the record for the most bitcoin trades executed in a single day in Latin America.