BTCE Order Book Turnover Hits $69 Million

  • Number of trades for BTCetc Bitcoin Exchange Traded Crypto (BTCE) has surged to $69 million in less than two weeks of January
  • This data has been published by Deutsche Börse, a German exchange platform
  • This escalation comes in the wake of Bitcoin’s value increasing massively in the market

According to Deutsche Börse, a German exchange platform, the average turnover in terms of the daily order book for BTCE has reached the value of $69 million in just the first month of 2021.

Surge Previously Experienced By European ETFs

The world’s premier bitcoin exchange, which solely boasts of central clearance, has seen an extraordinary surge in terms of traded products. This is usually witnessed in terms of European exchange-traded funds (ETFs), which are traded in the market during the entirety of a day. The analysis of the daily order book turnover for  BTCetc Bitcoin Exchange Traded Crypto (BTCE) by the German exchange platform Deutsche Börse indicates that the traded products’ value has reached $69 million in the initial 11 days of January.

- Advertisement -

This value just falls behind by $1.2 million in comparison to the most traded ETP (exchange-traded product) on Deutsche Börse, which is the iShares Global Clean Energy Ucits ETF (INRG). Further contrasts are evident as BTCE’s trade volumes exceed every single one of the 1,800 ETP’s listed on the German exchange. This increase can be attributed to Bitcoin’s recently publicised phenomenal performance in the share market, where the crypto reached an All-Time High (ATH) of $42,000 at the beginning of January, before facing a dip in the market. The trading surge is a pronounced rise from the previously reported $18.7 million valuation of trade which formed the daily average in December 2020. 

Rise in Number of Crypto Investments 

According to Stephan Kraus, the former CFO of Deutsche Börse, the foundational structure of BTCE’s exchange-traded note (ETN)  has resulted in the growth of probable investors in cryptocurrency. The ETN has also relaxed the concerns regarding regulation as well as counterparty fraud and risk which adversely affected bitcoin trading. With the advent of platforms which do not require the development of an infrastructure for digital wallets, and have higher regulatory measures, the appeal of cryptocurrency has witnessed a positive impact. 

BTCE, which holds $433 million worth of assets, an absolute cost proportion of 2 per cent has garnered strong backing from bitcoin. The coins are stored with an advanced resource trust organization called BitGo Trust, situated in Palo Alto, California. 

However, the recent ban on the trading of crypto-derivates in the UK, which has been implemented by the Financial Conduct Authority (FCA), will indefinitely impact trade numbers within the European crypto industry. 

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

How useful was this post?

Click on a thumb to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Download our App for getting faster updates at your fingertips.

Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners