Asian Crypto Exchange EXX Sees Trading Volume Register $35 Billion Dollars
The cryptocurrency market has experienced a very unusual situation. On July the 28th, users and enthusiasts saw that there was a very strange volume number, that reached $35 billion dollars.
Most of this volume came from Ethereum, that registered in some hours $12 billion dollars trading volume in 24 hours. This is much more than what Ethereum (ETH) usually has close to $1 billion.
This is the first time in a very long time that Ethereum has more trading volume than the famous virtual currency Bitcoin (BTC). But what exactly happened that we saw such an increase in the volume?
Well, this is related to a new exchange known as EXX. Entrepreneurs in Asia are trying to re-open the crypto market in China. WIth this exchange it is possible to process trades, receive tokens from the trading platform and avoid paying trading fees.
This situation is new to the market. Even when these exchanges are operating since some time, the spike in volume is seen just now, after some platforms in Asia started to enter that network.
But this time, the situation is quite different. We can see that there has never been such a huge volume in the market. And the interesting thing is that this happened in just one trading pair, the ETH/USDT.
The most important exchange in the world by trading volume, Binance, registered $1 billion dollars traded in the last 24 hours. Compared to EXX $11 billion dollars.
At the same time, experts and enthusiasts suggest that these volumes are fake and that are not helping the crypto market at all. Most of the volume seems to be fake, that means that this is for the token rewards.
Users that trade receive EXX tokens that later can be sold in the market. Some users are even receiving some profit after trading several times in the EXX exchange. It can also be related to Chinese individuals trying to enter the market again through these loopholes.
It is important to mention that China has always been giving important volumes to Ethereum. At the same time, Solidity Google searches are dominating the Chinese market.
At the moment, the EXX exchange is registering more than $11 billion dollars in trading volume, and 90% is related to the ETH/USDT trading pair.
Binance, for example, is now registering just $1 billion dollars trading volume.