As we are moving closer to Bitcoin’s block reward halving event, there have been rapid changes taking place in the spot market. The Bitcoin market saw its second-highest trading day on 30 April. The price of BTC was nowhere close to $9k, but a bullish rally in the market carried the price of the coin from $8.2k to a little over $9k. This sharp rise in the spot market triggered maximum trades and noted a second-highest volume record of $66.2 billion, according to a recent report by BitMEX.
After an in-depth analysis of the price action and trades, it was noted that the lower tier exchanges were the major contributors to this value. Lower-tier exchanges recorded a volume of $48.3 billion, while volume from top-tier exchanges totaled to $17.9 billion. Despite contributing less to the historic daily volume record, 30th April was one of the highest volume trading days in the history of top-tier exchanges.
However, as correction set-in the Bitcoin market, its value dipped back under $9k in the following hour. Top-tier exchange, Binance represented the majority of trading volume [BTC/USD market], trading a total of $15 million at 11 am BST. At the given time, Binance constituted approximately 50% of the total trading volume among seven of the top-tier exchanges.
Despite contributing less to the cumulative volume on 30th April, top-tier exchanges like Binance and OKEx remained top players in terms of volume in April. The exchanges were able to capitalize on the sudden volatility that struck on 29th and 30th April. As per data, on 30th April Binance traded $3.6 billion, while OKEx traded $2.5 billion. The next top exchange in the race was Coinbase, that recorded trading worth $818 million.
The bitcoin market has been noticing great volatility at press time, as its price was up by 2.86% in 2 hours and has been hovering around the price range of $9,530.79. This sudden price action triggered $10.2 million worth liquidations on BitMEX, however, the longs and shorts were both liquidating, as per data provided by Skew. The market may see more such actions until the BTC halving and the fate of the coin after the halving event – only time will tell.
