Crypto Markets and CME Futures Post Record Trade Volume

Volume has been ramping up across the cryptocurrency markets, with April seeing a new all-time high posted for daily global cryptocurrency volume. The month has also seen Chicago Mercantile Exchange (CME) report record trade volume for its BTC futures contracts, in addition to Cumberland’s trade desk reporting an influx of 1,000 BTC buy orders, signaling strength across numerous facets of the virtual currency ecosystem.

Also Read: How 5 Asian Countries Regulate Cryptocurrency

New All-Time High Posted for Global Cryptocurrency Trade

According to Coinmarketcap, new records for daily global cryptocurrency trade were posted on April 4 and 5 consecutively, with $77.07 billion and $79.99 billion worth of crypto changing hands on each day. The new records beat out the former all-time high of nearly $70 billion that was posted on Jan 5, 2018, by more than 10%.

The rally appears to have been driven by a significant spike in USDT trade, with USDT volume beating BTC on both April 3 and April 4. Currently, April 4 comprises the strongest day on record for both USDT and BTC, with $25.3 billion worth of tether and $21.7 billion worth of bitcoin core changing hands.

As of this writing, BTC and USDT volume is nearly identical, with almost $15.81 billion worth of BTC and $15.74 billion worth of USDT having been traded over the past 24 hours.

CME Reports Record Volume

April 4th also saw CME report record volume for its BTC futures contracts with more than 22,500 contracts or the equivalent of 112,700 BTC traded, beating out the previous record of 18,300 contracts that was set as of February 19.

On April 1, Cumberland reported that a large influx of 1,000 BTC buy orders had been executed within the span of a single hour on its trading desk, further evidencing a dramatic spike in demand across the cryptocurrency markets.

Speaking to CNBC, the chief executive officer of Binance, CZ, reported that the platform has seen a record number of orders executed in recent days, stating: “The number of transactions … is at an all-time high, we are actually seeing more orders than January 2018.”

News.bitcoin.com also reached out to an over-the-counter (OTC) BTC broker, who noted that “demand is picking up” in the OTC markets.

Do you think that the increase in trade volume is an indication of a shift in the cryptocurrency meta-trend? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Coinmarketcap

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Published at Tue, 09 Apr 2019 12:40:49 +0000

June 2, 2017

Chinese Bitcoin Miners are Closing Shop in Fear of Future Clampdown

Chinese bitcoin miners are deliberately shutting down operations due to worries over future regulatory pressure.

Chinese Abandoning ‘Legal’ Mining

As the traders begin withdrawing BTC under new laws, mining farms in the country’s Szechuan province are concerned a lack of rules for them might lead to repercussions.

“bitcoin regulation that the central bank conducted mainly focused on financing and leveraging trading among platforms,” Zhang Jun, a senior analyst at Tai Cloud Research Institute, told YiCai Global.

Mining online involves routine digital programming. It’s not illegal.

Such comments have been insufficient to quell fears among miners themselves, it appears, with an “insider” telling the publication that shutting down shop means they miss out on a golden opportunity.

High Prices Mean Big Losses

Szechuan’s hydroelectric power is some of the cheapest in the world, while the high price of bitcoin and associated fees mean it is more profitable than ever to mine bitcoin on a major scale.

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“The southwestern region has abundant hydropower resources,” the source said, “so electricity costs about half the price during the wet season. It’s hard to imagine why any mine would want to relocate now.”

“The price is so high at the moment,” a local mine manager added.

Shutting down costs mine owners hundreds of thousands of yuan every day.

Chinese trading activity has added several hundred dollars to the average price of a bitcoin in the last 24 hours.

As traders flock to take advantage of newly enshrined exchange rules, it is clear that those left out of authorities’ latest deal are fearing the worst.

The Grass Is Not Greener

A local authority spokesman could only offer confirmation that “bitcoin mines are not introduced by the government” and that “mining is carried out by companies of their own accord.”

Yet the situation in China is a further shake-up of the mining landscape. Other locations where electricity is cheap but conditions harsh include South America, where several instances of criminal repercussions for miners have surfaced this year.

Venezuelan and most recently Bolivian police have arrested parties known to have mined bitcoin on charges ranging from draining the national grid to propagating “pyramid schemes.”

No further information has yet been received from Chinese lawmakers with regard to the practice.

What do you think about the problems faced by Chinese miners? Let us know in the comments below!

Images courtesy of

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