How Bithumb Exchange Might of Helped Bitcoin Remain Stable During the Last Few Months
Bitcoin has been in a bear market since the beginning of the market, and during the last few weeks, Bitcoin and other virtual currencies reached new lows this year. According to Cryptocompare, there are some findings that could have played an important role at the time of stabilizing Bitcoin prices during the last months.
Since August until November, Bitcoin was traded between $6,000 and $7,000, with a short exception at the end of August and the beginning of September.
In a report released by Cryptocompare, it analyses global volumes on crypto exchanges and where they come from. The report shows that there were several promotions on the Bithumb exchange that might have played an important role in helping Bitcoin’s price to be sustained.
The volume promotion by Bithumb seems to have caused several months of stabilization for Bitcoin. However, this is a theory that is not proved and there are other issues that influenced the markets to behave in a specific way.
Bithumb is one of the largest virtual currency exchanges in the market. At the time of writing, it handled $1.42 billion dollars in trading volume in the last 24 hours. Bithumb featured a program called Super Airdrop Festival between September and October. At the same time, it offered a special gift promotion for new registrations during a month between October and November. After the end of these programs, the market plummetted.
Bitcoin lost around 40% of its value in just a few weeks, and the whole cryptocurrency market lost more than $110 billion dollars, equal to 50% of its value.
Bitcoin is currently being traded around $3,515 and it has a market capitalization of $61.22. In the last 24 hours, most of the virtual currencies are operating positively.