Monthly report: crypto to crypto trading volumes surged by 70% in March; Malta dominates

Frank Chaparro
The New York Department of Financial Services (DFS) has awarded licenses to two subsidiaries of the Chicago-based cryptocurrency exchange Seed CX, Financial Services Superintendent Linda A.The post New York Department of Financial Services grants virtual currency licenses to Seed CX subsidiaries appeared first on The Block.

Cryptocurrency market data provider CryptoCompare recently released its March 2019 Exchange Review, surveying trading data across major crypto exchanges. The report highlights an increase of 47.5% in total crypto exchange spot volume and a spike of 70% in crypto to crypto exchange trading volume, illustrating the recent resurgence in the once subdued crypto markets. Meanwhile, trading volume from exchanges that offer fiat pairs was down 8% to 58 million USD since February. Other notable findings include:

  • Malta dominates: Malta-registered exchanges, which include the likes of giants like Binance, represented the majority of total trading volume, increasing by 56% since February.
  • CME hot streak: Bitcoin derivative product volumes were still dominated by CME, whose futures product volume decreased by 29%. Overall, average trading volume of regulated bitcoin futures products plumped in March.
  • Crypto-to-crypto is king: Top crypto to crypto exchanges witnessed an average surge of 66% in monthly trading volume. The top three exchanges were OKEx, ZB, and Binance, with a monthly volume of 31.2 billion (up 85%), 27.3 billion (up 51%), and 24.7 billion (up 30%) USD respectively. Top fiat to crypto exchanges, however, saw a general decrease in their monthly trading volume. 
  • Tether tops fiat: The monthly trading volume of BTC to USDT surged by 43%, totaling 8.9 million BTC in March. Meanwhile, trading volumes of BTC to other currencies experienced a general decline, with BTC to USD down 26.2% and BTC to Japanese Yen down 47%. One of the few major outliers is BTC to South Korean Won, which increased by 41% in total monthly volume since February.