Crypto Exchange Bithumb May Have Propped up Bitcoin Price

The bitcoin price touched a fresh yearly low this morning, leaving traders and investors scrambling for answers as the crypto market searches for a bottom. While there are numerous pressures that have weighed on bitcoin as it has taken step after step away from last year’s all-time high, research from CryptoCompare suggests that South Korean cryptocurrency exchange Bithumb may have contributed to the recent sell-off — at least indirectly.

According to the firm’s latest CCCACG (short for CryptoCompare’s Aggregate Pricing Index), Bithumb led all crypto exchanges in daily volume from October to November, averaging about $1.24 billion in daily turnover. That represented a parabolic month-over-month increase of 284 percent, even as global exchange heavyweight Binance endured a 34 percent decline in volume.

Reference: https://www.ccn.com/crypto-exchange-bithumb-may-have-temporarily-propped-up-bitcoin-price-analysts/

Share this: