BTC & ETH Week Trading Volume Reach 7 Month Highs

Is cryptocurrency market restoring? Let's try to figure it out
26 December 2018   1333

For the week from December 17 to December 23, weekly Bitcoin trading volumes (BTC) were $ 46 billion, while for Ethereum (ETH) the same figure was $ 18.5 billion. Last time at higher levels trading was in May, seven months ago, The Block notes.

At the end of November, the total trading volume of Bitcoin exceeded $ 2 trillion, and by the end of the year this figure is expected to grow to $ 2.2 trillion. The overall growth in the trading volume of the first cryptocurrency was 153% higher than in 2017, when this figure was $ 870 billion.

With a score of more than $ 800 billion, Ethereum (ETH) is the second most traded cryptocurrency, and accounts for about 37% of bitcoin trading. As can be seen in the table below, the levels of BTC and ETH are still significantly correlated.

Weekly Volume ETH and BTC (2018)
Weekly Volume ETH and BTC (2018)

As of 13:00 UTC on Wednesday, December 26, the weighted average rate of Bitcoin was $ 3,812, the trading volume for the last 24 hours was $ 5.451 billion. At the same time, the broadcast cost $ 130.40 with daily volumes of $ 2.976 billion.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   319

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.