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Crypto Market Recovery Sees $BTC Trading Into $BUSD Explode: Report
According to CryptoCompare’s July 2022 Exchange Review, the average daily volume of the BTC/BUSD pair rose 62.1% to 1.49 billion in July, surpassing the daily volume of the BTC/USD pair for the first time in history, with that pair seeing an 18.7% decline to $909 million a day.
The report details that other BTC stablecoin pairs also experienced an “increase in trading volume as the cryptocurrency markets rebounded in July after the distressing price action of the last couple of months. It adds that the average daily volume for BTC/USDT and BTC/USDC rose 17.8% and 23.7% to $6.13 billion and $290 million respectively, while the volume for BTC/BUSD rose 67.8% to $46.2 billion, an all-time high for the pair. Year-to-date, the pair’s volume has grown 166%.
CryptoCompare’s report also details that spot trading volumes across centralized exchanges declined 1.34% to $1.39 trillion, the lowest trading volume since December 2020. Derivatives trading volume has, meanwhile, risen to 13.4% to $3.12 trillion.
Binance, FTX, OKX and Coinbase have all recorded a decline in volume since the start of the year, falling 12.9%, 15.5%, 57.6% and 57.2% respectively. AAX is the only exchange in the top 15 that has seen its trading volumes grow since the start of the year.
Apparently, Coinbase Prime will “provide crypto trading, custody, prime brokerage, and reporting capabilities to Aladdin’s Institutional client base who are also clients of Coinbase.” BlackRock’s new trust product, the “BlackRock Bitcoin Private Trust,” seeks to “rack the performance of bitcoin, less expenses and liabilities of the trust.”