Crypto Market Recovery Sees Explosion in $BTC Trading into $BUSD: Report

Cryptocurrency markets recovered in July, with Bitcoin ($BTC) up 18.4% and Ethereum ($ETH) up 64.7%, making the flagship cryptocurrency surge in volume against Binance USD ($BUSD) rise.

According to CryptoCompare’s July 2022 exchange review, the average daily trading volume of the BTC/BUSD currency pair in July increased by 62.1% to 1.49 billion, surpassing the daily trading volume of the BTC/USD currency pair for the first time in history, which reached 18.7% fell to $909 million per day.

Source: Cryptocurrency Comparison

Notably, BUSD is a stablecoin backed by the New York State Department of Financial Services (NYDFS), and each BUSD is backed by a dollar in a traditional bank account. BUSD is available on multiple blockchains and has been launched in partnership with Paxos and Binance.

The report details that other BTC stablecoin pairs have also experienced “an increase in trading volumes, as the cryptocurrency market rebounded in July after painful price action over the past few months.

It added that the average daily trading volume of BTC/USDT and BTC/USDC rose 17.8% and 23.7% to $6.13 billion and $290 million, respectively, while BTC/BUSD rose 67.8% to $46.2 billion, a new all-time high. . a pair. Year-to-date, the pair’s trading volume has grown by 166%.

The CryptoCompare report also detailed a 1.34% drop in spot trading volume on centralized exchanges to $1.39 trillion, the lowest volume since December 2020. Meanwhile, derivatives trading volume rose 13.4% to $3.12 trillion.

The data means that the derivatives market “now accounts for 69.1% of the entire cryptocurrency market (up from 66.1% in June).” In July, the crypto exchange with the largest trading volume was Binance, followed by Atom Asset Exchange (AAX), which traded Volume rose 26.5% to $57.2 billion.

The report added:

Binance, FTX, OKX, and Coinbase have all experienced declines since the beginning of the year, down 12.9%, 15.5%, 57.6%, and 57.2%, respectively. AAX is the only exchange in the top 15 with an increase in trading volume since the beginning of the year.

As reported by CryptoGlobe, BlackRock, the world’s largest asset manager by assets under management, has launched a new spot bitcoin trust aimed at institutional clients in the United States. The move comes shortly after the company partnered with Coinbase to “create a new access point for institutional cryptocurrency adoption by connecting Coinbase Prime and Aladdin.”

Apparently, Coinbase Prime will “provide cryptocurrency trading, custody, prime brokerage and reporting capabilities to Aladdin’s institutional client base, who are also Coinbase clients.”

BlackRock’s new trust product, the BlackRock Bitcoin Private Trust, is designed to “assess Bitcoin’s performance and reduce the trust’s fees and liabilities.”

Image credits

Featured Image via Pixabay

Source of information: Compiled from CRYPTOGLOBE by 0x Information.The copyright belongs to the author and may not be reproduced without permission

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