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Binance’s Drop in Bitcoin Trading Volume Likely Tied to Zero-Fee Promotion Halt
• Halt of trading promotion is a big factor, according to CCData
• Regulatory woes are seen contributing to volume declines
This month’s steep decline in Bitcoin trading volume on Binance is likely tied in part to the end of another zero-fee promotion by the world’s largest cryptocurrency exchange.
The seven-day average volume has dropped by 26% since the start of September, according to researcher CCData. On Sept. 7, the exchange halted an incentive that allowed customers to trade between Bitcoin and the TrueUSD stablecoin without a fee. The seven-day average volume for that so-called trading pair has dropped 89% since the inducement expired.
Read More: https://www.bloomberg.com/news/articles/2023-09-21/binance-s-drop-in-bitcoin-btc-trading-volume-is-likely-tied-to-zero-fee-halt
• Halt of trading promotion is a big factor, according to CCData
• Regulatory woes are seen contributing to volume declines
This month’s steep decline in Bitcoin trading volume on Binance is likely tied in part to the end of another zero-fee promotion by the world’s largest cryptocurrency exchange.
The seven-day average volume has dropped by 26% since the start of September, according to researcher CCData. On Sept. 7, the exchange halted an incentive that allowed customers to trade between Bitcoin and the TrueUSD stablecoin without a fee. The seven-day average volume for that so-called trading pair has dropped 89% since the inducement expired.
Read More: https://www.bloomberg.com/news/articles/2023-09-21/binance-s-drop-in-bitcoin-btc-trading-volume-is-likely-tied-to-zero-fee-halt
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