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UK Bitcoin Trading Volume Hits $65 Million
Summary: The UK bitcoin (BTC) market has performed surprisingly well over the past three months. According to Skew data, a London data analysis portal, the region has been seen heavy trading in bitcoin in the past 120 days. The company shared a graphic on its social media platform twitter which showing a growing number of crypto ...
The UK bitcoin (BTC) market has performed surprisingly well over the past three months.
According to Skew data, a London data analysis portal, the region has been seen heavy trading in bitcoin in the past 120 days. The company shared a graphic on its social media platform twitter which showing a growing number of crypto traders in the UK.
As you can see from the graphic, traders on BitMex have contributed about $65 million in XBT/ USD transactions per day over the past three months. Trading rates peaked between 10am and 4pm GMT and hit $100 million before the close of mainstream markets.
Skew also points out that London owns key geographic location in bitcoin trading. The late Asian trading hours had easy access to early GMT session in the day, while late GMT trading hours melted into the U.S market open. Skew notes that U.S. and Asia have more traders than U.K.. But that doesn't mean the region isn't attractive enough for crypto trading.
London's location may be one reason why some of the world's leading crypto service companies have recently entered the UK.
In March 2018, U.S.-based Coinbase opened an office in London to penetrate the local and European crypto markets. Binance, the world's largest crypto trading platform, is also expanding into the UK through the launch of Binance Jersey.
Changpeng Zhao, CEO of Binance, says the UK has more registered users than any other regions. "Binance.je is overwhelmed with registrations. There is a backlog of KYC (Know Your Customer) verifications already. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and patience. Just crazy! One thing we do ‘well’ is underestimating ourselves, and the market.”
2019 also brings more expansion news. Kraken, a U.S. crypto exchange, has acquired Crypto Facilities, a London crypto futures platform, for "nine figures".
Overall, the UK provides a unique strategic location for the development of emerging crypto markets. After the U.S. market have been extinguished by its regulators, U.K. becomes a good choice for crypto.
Image: pexels.com
Author: Max Li
Tags: Binance,Bitcoin,BTC,Crypto Services,crypto trading platforms,Futures,Regulators,Trading
Link: UK Bitcoin Trading Volume Hits $65 Million [Copy]
