- The trading volumes of Bitcoin and Ethereum have doubled in the foreign exchanges.
- BTC and ETH have increased by 106% in the conventional foreign exchanges owing to institutional trading.
- They have contributed almost $2.3 trillion to the total trading volumes in quarter 1, 2020.
It has been reported that the trading volume of Bitcoin and Ethereum have doubled in the foreign exchanges. Altogether trading volumes of BTC and ETH have increased by 106% in the conventional foreign exchanges owing to institutional trading. They have contributed almost $2.3 trillion to the total trading volumes in quarter 1, 2020.
BTC and ETH Failed to Break The Resistance
As of now, BTC is trading at $9,125.04 down by 0.42% in the last 24- hours and market capital standing at $168.24 billion. Whereas, ETH is trading at $233.74 down by 0.68% in the previous 24 hours with daily trade volume at $4.20 billion. The market capital is standing at $26.14 billion. Over the last few days, the price of both the cryptocurrencies may have escalated to higher boundaries but gradually plummeted to lower values.
For instance, the price of BTC, a few days ago was close to breaking the $9500. However, it went down to $9100 mark and is now trading between $9100-$9300. Similarly, ETH, after breaking out $250 came down to $230 mark. Since then it has been trading in the $235 to $245 mark.
LMAX, A London Based Exchange Offering Spot Trading Options
LMAX exchange based on London has said that the cryptocurrency volumes from the spot exchanges during the first half of 2020 were $36 billion. The exchange under LMAX Digital had started to offer banks and financial spot trading options Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin back in May 2018. They have reported that they are seeing a considerable increase in the number of new clients and have also claimed that it is now working with more than 200 large cryptocurrency trading platform institutions all over the world.
LMAX Already Have Their Own Institutional Investors User Base
CEO of LMAX Group, David Mercer has said that their main focus is to try and find ways to revolutionize and bring success to the capital market. LMAX Weekend FX service which allows the investors to capitalize on the activity of the foreign exchanges over the weekend. All the features of this exchange contributed to the increasing interest of the institutional investors, mainly because they are meeting their demands and requirements. LMAX Exchange has only begun some new cryptocurrency services, although they have already gained so much reception from the institutional investors.