Exchanges' Traffic to Reach 2019 Record Levels

For example, Binance was visited 42 million times and Coinbase - 35 million; also, on 16th of May, at Coinbase $376M worth transactions were performed
10 June 2019   601

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
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
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.

Huobi to Launch Argentinian Branch

Argentina is undergoing the financial crisis right now and head of the new branch believes there's a consensus been reached on the rejection of local currency
18 September 2019   49

Huobi Group has continued to expand its network of local cryptocurrency exchanges based on the Huobi Cloud platform, launching a trading platform in Argentina.

Huobi Argentina plans to create a local team and fiat gateway to trade or convert Argentine pesos into cryptocurrencies, the company said in a statement.

The payment channel will be launched by mid-October. It is assumed that users of Huobi Argentina will be able to make deposits using bank cards, transfers and through the most common digital payment systems in the region. Currently, you can purchase cryptocurrencies for pesos through the Huobi OTC service.

The opening of the Huobi cryptocurrency exchange in Argentina came at a time when the economy of this second largest country in Latin America was in a deep crisis. This year alone, inflation reached 55%, and President Mauricio Macri recently introduced new restrictions on access to foreign currencies.

According to Carlos Banfi, head of Huobi Argentina, a consensus has already been reached in Argentina on the rejection of local currency and banking services.

The increasing demand for crypto-related products and services makes Argentina a perfect entry point for Huobi to pursue larger projects in promoting cryptocurrency and blockchain to the market. With the launch of Huobi Argentina, we will be able to first offer local user the opportunity to trade with Huobi’s proven security, liquidity, and stability.

David Chen
Senior Business Director, Huobi Cloud

Earlier, the Huobi Group announced plans to expand its operations in emerging markets and open 150 sites under the Huobi Cloud program. Since the launch of Huobi Cloud in 2018, more than 120 trading platforms have been created on its basis, including in Thailand, Turkey, Indonesia and Russia.