The Bitcoin price is often denominated in its USD value, even though most of the trading volume originates from non_US markets. Particularly Huobi and OKCoin are two exchanges where a lot of BTC/USD trading used to take place. Things have changed over the past few weeks, as both platforms are seeing a lot less volume compared to previous months.
What Is Going On With Huobi and OKCoin?
Both of these exchange platforms have often been referred to as companies who fake their trading volume. Although many people seemed to be convinced this is the case, there has never been any significant evidence to back up those claims. At the same time, both companies are seeing a lot less USD trading volume in the past few months, and there is no indication as to why this is the case.
Taking a look at the USD trading volume on Huobi in the past 24 hours, only 1,100 Bitcoin have been traded. This is a rather disappointing number, to say the least, as their daily trading volume used to be significantly higher than that. Moreover, there is no reason as to why this would be happening either.
OKCoin is not faring much better, unfortunately, as their USD trading volume has been declining as well. In the previous day, OKCoin has seen a volume of 2,175 Bitcoin, which is not spectacular by any means. In fact, they are well behind most other companies in the world, except for Kraken, Gemini, and Huobi.
Other exchanges are doing much better in this regard. Surprisingly enough, ItBit is seeing a lot of trading volume all of a sudden, as they are leading the charge right now. According to Kaiko, Bitfinex is in the third position, which is rather surprising given their recent hack. Then again, there are lots of people hoping to get their funds out sooner or later.
Some people may be wondering who is in between ItBit and Bitfinex. Surprisingly enough, that company is none other than BTC-E, a platform often overlooked by Bitcoin enthusiasts all over the world. Despite flying under the radar for most people, the Eastern European Bitcoin exchange platform is rather successful.
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