Bitcoin Trading Volume Records Post-halving High
07 Aug, 2024 ● Coin news
Bitcoin transactions on crypto exchanges soared amid volatile market conditions, reaching a new all-time high in trading volume during the fourth cycle of Bitcoin halving.
On Aug. 5, numerous crypto traders faced significant losses as their positions were liquidated due to declining prices of major cryptocurrencies, including Bitcoin, Ether, and Solana.
In response, some crypto investors sold their Bitcoin holdings to minimize losses, while others bought the heavily discounted BTC around the $50,000 range.
According to Blockchain.com data, the total US dollar value of trading volume on major Bitcoin exchanges surpassed $1.14 billion on Aug. 6.
A similar trading volume was last seen in March, well before the fourth Bitcoin halving was completed on April 20.
After the halving, the daily exchange trade volume on Bitcoin exchanges averaged around $30 million.
It is worth noting that Blockchain.com gathers data from top crypto exchanges and some over-the-counter markets, meaning the actual total trading volume is likely higher than reported.
Data from Dune Analytics shows that over 90% of transactions on the Bitcoin network on Aug. 5 were BTC.
Other prominent Bitcoin protocols, such as Ordinals, BRC-20, and Runes, together accounted for less than 9% of the Bitcoin network bandwidth.
The temporary crypto crash caused Bitcoin and Ethereum prices to drop by more than 10% and 20%, respectively.
Cryptocurrency hackers took advantage of this dip, buying heavily discounted Ether using stolen funds from previous hacks.
The Nomad Bridge exploiter used 39.75 million Dai tokens, stolen in August 2022, to purchase 16,892 ETH.
Adding to findings from blockchain analytics firm Lookonchain, blockchain investigation firm PeckShield noted that the Nomad exploiter also sent 17.75 ETH to an intermediary Ethereum address.
As of Aug. 5, the hacker had transferred approximately 2,400 ETH (worth around $7 million) to Tornado Cash.
Sources:
https://cointelegraph.com/news/bitcoin-trading-volume-record-high-post-halving
