Donald Trump's trade wars, protracted uncertainty over the expected UK exit from the EU (Brexit), and the looming threat of a global recession could be factors that in May revived activity in cryptocurrency markets, Bitcoinist believes. Against this background, traffic on the leading bitcoin exchanges, in particular, Binance and Coinbase, has noticeably increased.
So, according to SimilarWeb, Binance, which is one of the thousand most visited sites in the world, was visited by 42 million people in May. At Coinbase, the largest US cryptocurrency exchange, the value was 35 million.
BInance and Coinbase Traffic Data
The increased attendance in turn was converted into an inflow of funds to the exchanges and in trading volumes increase, which together amounted to about $ 5.9 billion last month. Also, the 14-month maximum in trading volumes was recorded at Coinbase last month. The record day came on May 16, when transactions worth more than 47,400 BTC (about $ 376 million) were concluded.
Bitcoin Trading Volume
Economic problems are pushing the growth of transactions with Bitcoin almost all over the world, however, this is especially clearly seen in the example of Latin America. Thus, according to LocalBitcoins, in recent weeks, significant growth was recorded in Chile, Colombia, Peru, Brazil and Argentina, and in Mexico, which was also threatened by a trade war with the US, due to the uncontrolled flow of immigrants, trading volumes reached a new record level.
Also, a steady growth in the volume of transactions on LocalBitcoins is observed in Argentina, but over the past few months, the absolute record for the number of bitcoins sold in one day belongs to Brazil - according to CointraderMonitor, on April 10, platform users in this country made deals for 100,000 BTC.
In addition, in the first half of May, its own record for daily trading volume — more than $ 10 billion — was updated by the BitMEX derivatives exchange BitMEX, and already at the end of the month, the historical maximum for open contracts for Bitcoin futures was recorded at the Chicago Commodity Exchange (CME), which testifies to the growing interest of institutional investors.