Crypto derivatives volumes surge to US$3.12 trillion in July: CryptoCompare

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LONDON: Cryptocurrency derivatives trading on centralised exchanges rose to US$3.12 trillion in July, a 13 per cent monthly increase, researcher CryptoCompare said on Thursday, as crypto prices show signs of recovery from the recent market crash. The derivatives market now makes up 69 per cent of total cry

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LONDON: Cryptocurrency derivatives trading on centralised exchanges rose to US$3.12 trillion in July, a 13 per cent monthly increase, researcher CryptoCompare said on Thursday, as crypto prices show signs of recovery from the recent market crash.

Derivatives exchanges traded as much as US$245 billion on Jul 29, 9.7 per cent more than June's top daily high of $223 billion. The crypto market plunged in May and June as worries about high inflation and Federal Reserve interest rate hikes prompted investors to ditch risky assets. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs.

"The rise in derivatives trading volume indicates an increase in speculative activity as traders believe there is room for further upside in this rally," CryptoCompare said, noting that there is no US Federal Reserve meeting in August.

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Crypto derivatives volumes surge to $3.12 trillion in July - CryptoCompareLONDON : Cryptocurrency derivatives trading on centralised exchanges rose to $3.12 trillion in July, a 13 per cent monthly increase, researcher CryptoCompare said on Thursday, as crypto prices show signs of recovery from the recent market crash.The derivatives market now makes up 69 per cent of total cryp
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »