Fresh data reveals that for the last one month, European business hours have recorded high levels of activities on Bitcoin futures trades within the BitMEX platform. High volumes of BitMEX XBT/USD futures contracts were witnessed during European business hours, Bitcoinist reports.
European hours have been the most active in the last month.
Here hourly volumes in UTC time for BitMEX's XBTUSD contract
Morning you get Asia + Europe and afternoon Europe + US. Will be hard to disrupt time zones! pic.twitter.com/gbhAJ7XrSE
— skew (@skewdotcom) December 15, 2019
The data shows that Europe is slowly becoming a hot crypto market especially in the last one year. The region has adopted crypto-friendly banking services and wealth levels are growing coupled with a superb tech sector, which have enhanced interest for crypto trading.
This year, trading BTC positions increased steadily before hodling behaviors were witnessed leading to a wave of buyers who want to take advantage of the situation. BitMEX ranks high among the highly active Bitcoin markets, increasing to the popularity of Bitcoin futures.
Despite the high popularity of Bitcoin futures and cryptos in general, traders and users in Europe are still facing some challenges. Crypto users and traders are forced to comply with highly stringent KYC guidelines and it is expected that tight monitoring will be implemented in the near future. Such aspects have led to some crypto-based companies to close shop such as BottlePay which is a crypto payment platform which cited restrictive AML regulations as the reason for their closure.
From Jan. 10, 2020, firms located in Europe will be required to adhere to the newly established AML guidelines which will be a burden to the still growing small companies. Some companies in the crypto industry have started to comply with the new guidelines like LocalBitcoins.
At the moment, it is hard to know exactly what led to high interest among the Europeans to trade in Bitcoin futures. However, polls show that European crypto traders is made up of a small click of investors but have surpassed the cash usage in fintech as well as crypto assets.
Interest in crypto trading and assets is likely to increase in Europe after the appointment of Christine Lagarde as the head of European Central Bank who is in favor of cryptos and digital currencies. She has indicated that the ECB could develop their own stablecoin.