CRYPTOCURRENCY UPDATES: AAX WAS RANKED AS THE SECOND-LARGEST SPOT EXCHANGE IN THE WORLD, ONLY AFTER BINANCE. | VERY USEFUL 5 MIN READ.

AAX WAS RANKED AS THE SECOND-LARGEST SPOT EXCHANGE
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CRYPTOCURRENCY UPDATES: AAX WAS RANKED AS THE SECOND-LARGEST SPOT EXCHANGE IN THE WORLD, ONLY AFTER BINANCE.

WHY THE AAX WAS RANKED AS THE SECOND-LARGEST SPOT EXCHANGE? WE WILL DISCUSS THIS IN DETAIL.

ACCORDING TO A NEW ANALYSIS BY CRYPTOCOMPARE, CRYPTOCURRENCY TRADING VOLUMES SAW THEIR FIRST INCREASE IN ACTIVITY SINCE MARCH AS THE BULK OF DIGITAL ASSETS STARTED THEIR REBOUND FROM THE RECENT DEPRESSING PRICE ACTION.

TODAY, CRYPTOCOMPARE RELEASED ITS MONTHLY EXCHANGE REVIEW, WHICH PROVIDES FREQUENTLY-QUOTED INSIGHTS ON THE CRYPTOCURRENCY EXCHANGE MARKET AS WELL AS UPDATES TO THE PARAMETERS USED BY EXCHANGES TO CALCULATE THE PRICE INDICES USED BY THE DATA SOURCE.

AAX WAS RANKED AS THE SECOND-LARGEST SPOT EXCHANGE
AAX WAS RANKED AS THE SECOND-LARGEST SPOT EXCHANGE

THE REVIEW’S MOST IMPORTANT FINDINGS REVEAL THAT VOLUME ON CRYPTO DERIVATIVES EXCHANGES INCREASED BY 13.4% FROM JUNE TO JULY, REACHING $3.12 TRILLION. THIS IS A GOOD GAIN FOR THE DERIVATIVES MARKETS, WHICH HAD SEEN VOLUME DECLINES FOR FIVE MONTHS RUNNING.

THE RESEARCH HIGHLIGHTS THAT THE INCREASE IN FUTURES TRADING VOLUME REFLECTS A BOOST IN SPECULATIVE ACTIVITY AS TRADERS ANTICIPATE ADDITIONAL GAINS. THIS MONTH’S TURNOVER ALSO INCREASED AS TRADERS MADE PREDICTIONS ABOUT THE EFFECTS OF THE ETHEREUM MERGE AND PROBABLE HARD FORKS.

THE LOWEST TURNOVER SINCE DECEMBER 2020 WAS SEEN IN JULY’S CRYPTO SPOT VOLUMES, WHICH FELL BY 1.3 PERCENT TO $1.39 TRILLION. THIS SUM COMPRISES THE $1.27 TRILLION IN TRADES THAT TOOK PLACE AT THE TOP VENUES, WHICH MAKE UP MORE THAN 91 PERCENT OF THE TOTAL VOLUME.

BY MONTHLY TRADING VOLUME IN JULY, BINANCE HELD THE TOP SLOT EXCHANGE POSITION WITH $439 BILLION, OR A MARKET SHARE OF 54%.

IT’S INTERESTING TO NOTE THAT INSTITUTIONAL CRYPTOCURRENCY EXCHANGE AAX’S SPOT TRADING VOLUME INCREASED 26.5 PERCENT TO $57.2 BILLION, MAKING IT THE LARGEST EXCHANGE IN TERMS OF VOLUME FOR THE FIRST TIME IN ITS HISTORY AFTER BINANCE.

TRADING VOLUME ON AAX, WHICH IS SUPPORTED BY LSEG TECHNOLOGY FROM THE LONDON STOCK EXCHANGE GROUP, HAS INCREASED SINCE THE YEAR’S BEGINNING BY 285 PERCENT, FROM $14.9 BILLION.

FOLLOWING AAX IN TERMS OF TRADING VOLUME WERE FTX AND OKX, WITH $56.9 BILLION AND $55.6 BILLION, RESPECTIVELY. COINBASE’S SPOT TRADE VOLUME FELL 12.8 PERCENT TO $51.5 BILLION AS IT CONTINUED TO DECREASE.

THE CRYPTOCURRENCIES DERIVATIVES ARE LOW:

AS CRYPTOCURRENCY PRICES SLOWLY STARTED TO REBOUND AFTER A DISASTROUS COUPLE OF MONTHS CHARACTERISED BY HIGH-PROFILE CONTAGION INCIDENTS, TRADING ACTIVITY ACROSS SPOT MARKETS REMAINED LARGELY CONSTANT WITH THAT OF THE PREVIOUS MONTH. ON JULY 19, TRADING REACHED A DAILY MAXIMUM OF $71.2 BILLION, WHICH IS A 26.0 PERCENT DECREASE FROM THE JUNE INTRA-MONTH HIGH.

ADDITIONALLY, BINANCE WAS THE MARKET LEADER IN THE DERIVATIVES SPACE IN JULY, ACCOUNTING FOR 64% ($2 TRILLION) OF ALL VOLUMES. FOLLOWING THIS WERE BYBIT (9.9% MARKET SHARE, $309 BILLION) AND OKX (15.3% MARKET SHARE, $478 BILLION).

WITH ONLY 2,413 CONTRACTS EXCHANGED DURING THE MONTH OF JULY, TRADING IN OPTIONS CONTRACTS ON THE CHICAGO MERCANTILE EXCHANGE, WHICH CATERS TO INSTITUTIONAL INVESTORS, DECREASED BY A THIRD.

ACCORDING TO THE AUTHORISED EXCHANGE, TOTAL ETH + BTC FUTURES VOLUMES DECREASED BY 9.94% TO $36.5 BILLION IN TERMS OF CONTRACT VALUE.

SIMILAR TO EARLIER ITERATIONS, CRYPTOCOMPARE’S REPORT INCLUDES MEASUREMENTS OF BITCOIN TRADES VERSUS BOTH FIAT AND STABLECOINS, EXCHANGE TRADE DATA, NEWS HEADLINES, AND A MARKET SEGMENTATION STUDY.

CONCLUSION ON AAX WAS RANKED AS THE SECOND-LARGEST SPOT EXCHANGE:

TO CONCLUDE ON, THERE IS A CHANGE IN THE VALUE OF CRYPTO SO AAX WAS RANKED AS THE  SECOND-LARGEST SPOT EXCHANGE.

OTHER HOT NEWS:

ETHER’S PRICE RISES BY TWO MONTHS FOLLOWING THE COMPLETION OF A SIGNIFICANT SOFTWARE UPDATE.

JAPANESE BANK TO LAUNCH NEW CAMPAIGN OFFERING CUSTOMERS $XRP OR $BTC REWARDS.

CRYPTOCURRENCY HOAX NEWS: ENFORCEMENT DIRECTORATE MAKE RAIDS IN BENGALURU FIRMS.

TEXAS MAN SENTENCED TO 4 YEARS IN JAIL FOR SHIPPING STEROIDS TO MCHENRY COUNTY AND SELLING THEM ONLINE.

THE JUDGE SUSPENDS TWO CLAUSES OF QUEBEC’S NEW LANGUAGE LAW, A SETBACK FOR THE LAW.

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CRYPTOCURRENCY UPDATES: AAX WAS RANKED AS THE SECOND-LARGEST SPOT EXCHANGE IN THE WORLD, ONLY AFTER BINANCE. | VERY USEFUL 5 MIN READ.

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