A blessed month for exchanges – The market turmoil does not seem to have scared cryptocurrency exchanges. Indeed, these saw their trading volume explode in May 2021 alone.
Record volume: the cracks of the crash
According to data from The Block, the exchanges recorded a volume record $ 2 trillion in May 2021. The Block’s volume index, which is based on data from major exchanges, indicates that crypto exchanges have seen more than 1000 billion dollars volume for the fourth consecutive month.
Binance retains its status as leader for crypto / crypto exchanges, with nearly $ 1.5 trillion trading volume. Coinbase, meanwhile, occupies the first place for fiat / crypto exchanges, with a volume of more than 198 billion dollars.
A very eventful month of May
The crash suffered by Bitcoin in May makes following Elon Musk’s about-face who finally decided to refuse to accept BTC as a means of payment for the purchase of its electric vehicles. For the billionaire, Bitcoin mining would be too polluting. In addition, the umpteenth announcement made by China regarding the crackdown on cryptocurrencies in the country onlyamplify the panic which agitated investors and the price of BTC.
Although BTC approached $ 30,000 on May 19, data from Glassnode showed that 73% of BTC entities remained in the green. The losses mainly concerned bitcoins purchased during the last 3 to 4 months. Bitcoiners continue, as far as they are concerned, HODLer tokens purchased 1 to 3 years ago.
What will happen to the fiery forecasters who predicted bitcoin at $ 286,000 or $ 255,000, as BTC detractors savor their May 2021 ‘win’? On the exchange side, Coinbase continued to offer the traditional shutdown to its users, in times of heavy trading activity. Their servers always end up re-functioning normally, as does BTC which has always shown its resilience.