The trading volume of the overall cryptocurrency market showed signs of strength, reaching USD 4.0801 trillion in Q2, posting a 165% growth from Q1
TokenInsight release its 2019 Q2 Cryptocurrency Exchange Industry Research Report, to keep you informed of the latest trends and developments happening within the crypto and digital world.
Key Points:
✅Centralized exchanges dominated the entire cryptocurrency market, taking more than 99% of the market share.
✅The total trading volume of decentralized exchanges in the second quarter jumped to RMB 5.581 billion.
✅KuCoin was the fastest growing exchange in terms of trading volume in Q2, recording a whopping 441% growth from the first quarter. KuCoin was followed by Coinbase Pro, up 331%, BitFlyer, up 284% and OKEx, up 197%.
✅ Platform tokens were the most traded currency in the secondary market in the second quarter and made remarkable gains, with the trading volume rising by more than 150% from the frst quarter.
✅All major countries and regions around the world rolled out new regulatory policies in the cryptocurrency market whether to protect investors rights and interest. Particularly, new policies put forward by the U.S., France, Japan, among other countries are mostly related to taxation on cryptocurrency assets transactions
✅The FATF has recommended virtual asset providers, including cryptocurrency exchanges operating in member countries to collect and share information such as name, accounts, virtual asset wallets details, address, identity information of users. The has also given a 12-month deadline to member countries for the implementation of its recommendations and stated to carry out a progress reassessment by June 2020.
✅Binance, the world’s largest exchange for encrypted assets announced that it will formally ban all trading and deposits of US Passport holders on Binance.com on the 12 of September this year. US users have a 90-day moratorium on trading or transferring their assets on Binance.
✅Koinex, the largest cryptocurrency exchange in India, announced that it will terminate its trading services from June 27. According to reports, the Indian government was drafting a bill “ to punish investors, traders, and miners involved in cryptocurrency trading up with imprisonment sentence up to 10 years”.
✅Fiat currencies such as the U.S. Dollar, Japanese Yen, Euro, and the Brazilian Real remained on an upward trend against trading volumes while the Korean Won fell 23.5%. Meanwhile, the Japanese Yen showed the strongest gains against trading volumes, up 3.9 times from the first quarter.
✅ The IEO (Initial Exchange Offering) boom has gradually receded, and the IEO model, which once brought vitality to the market, has lost attraction among investors. Statistics show that the fluctuation in the IEO projects of fluctuation of exchanges in the second quarter was inconsistent to the general market trends.
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TokenInsight is an independent third-party data analytics organization whose focus is to provide accurate information and ratings on companies developing in the blockchain industry. TokenInsight is dedicated to providing accurate ratings, research, and analytics that contribute to intelligent financial decisions and market transparency.
