Bitcoin Trading Volume In The United Kingdom Reaches $65 Million Daily Average In Past 3 Months
Bitcoin Trading Volume In The United Kingdom Hits $65 Million Average
A London-based analytics company called Skew has recently reported that the United Kingdom has become a strong Bitcoin trading point in the last few months. The region, when the last 120 days are taken into account, has grown a lot in BTC trading volume.
Skew has recently shared a graph across social media. In this chart, the company said that the BitMex traders were contributing with around $65 million USD worth of cryptos in trading volume every day for the last three months, especially during 10 a. m. and 4 p. m., the times in which trading was more active.
BitMex was used by Skew to understand the market, as the company lists both spot and derivative Bitcoin instruments and it was central for the company to measure trading volumes.
The company has noticed that London was an important point to understand about trading trends, especially because of its geographical location. For instance, late Asian trading happens at the same time that London is in the middle of the day and the U. S. market is only opening. Basically, midday in London is when the whole world is trading.
While the U. S. and Asia certainly have a lot more traders than London alone, the region can certainly be considered attractive for crypto trading business and it is growing a lot in volume lately.
The data shows also why the volume around 4 p. m. GMT is the highest of the whole day. It is 11 a. m. in New York and the start of the night in some Asian markets. This, Skew commented, makes it very hard to disrupt the geographical location of London as it simply has one of the best geographic positions for trading.
Big Crypto Companies Enter The UK
In fact, several companies are following the trend and opening up offices in the United Kingdom or at least investing there. For instance, Coinbase opened up an office there last year during the crypto craze, as an effort to be more well-equipped while penetrating the European markets.
Binance also tried to do the same as the company was interested in having a share of the market. Its CEO, Changpeng Zhao, affirmed that their UK-compatible version of the company (based in the Jersey islands) was overwhelmed with registrations at the time of the launch.
Now, in 2019, companies like Kraken have also entered this growing market as they acquired companies like Crypto Facilities, a London-based blockchain company.