Cryptocurrency

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-market-seeks-approval-for-1-6-billion-asset-sale/" data-wpel-link="internal">Crypto Market Seeks Approval for $1.6 Billion Asset Sale</a> 
Genesis is seeking permission to sell $1.6 billion worth of crypto and derivatives, casting a negative sentiment in the markets. While BTC is struggling to maintain the price of $42,800 as this article is being prepared, the potential for losing support looks strong as the cumulative daily trading volume has dropped below $30 billion. However, this metric has reached a 12-month peak. So, what does this mean? 
<h2 style="text-align: justify" id="cryptocurrency-trading-volumes">Cryptocurrency Trading Volumes</h2> 
Volumes on centralized cryptocurrency exchanges have seen a notable increase over the past month. This activity, especially on exchanges like <a href="https://en.coin-turk.com/major-cryptocurrency-exchange-binance-grapples-with-continuous-liquidity-issues/" data-wpel-link="internal">Binance</a> and Coinbase, has led to BTC reaching its highest level in two years at $49,000. Experts link this surge in interest to the excitement surrounding the potential Spot Bitcoin ETF. 
Blockchain analytics firm CryptoRank reported in its latest publication that since December 2023, volumes in January have increased by 10%, reaching a 12-month high. Half of the cumulative monthly volume, which reached $800 billion, came from Binance. 
The busiest exchange in terms of volume, Binance, had settled its issues with the US Department of Justice and CFTC for $4.6 billion at the end of November last year. Having reached a volume of $400 billion, Binance is now dealing with the final hurdle, the SEC case, much like Coinbase. 
<h2 style="text-align: justify" id="cryptocurrency-exchange-volumes">Cryptocurrency Exchange Volumes</h2> 
Other cryptocurrency exchanges also saw significant volume increases in January. Platforms such as Upbit, Cryptocom, and Huobi experienced volume growth of 44.6%, 28.4%, and 23.8% respectively. Bybit, Kraken, and OKX grew by 15.0%, 12.1%, and 5.9%, while the smallest volume increase was observed on KuCoin at 3.3%. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-310917 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/Kripto-Borsa-Hacimleri.webp" alt="" width="850" height="478"> 
Gate, on the other hand, stood out negatively in the process with a 34% decrease in spot trading volume, becoming the only centralized cryptocurrency exchange to report a decline. The strong crypto trade volumes in January emerged as a result of the positive trend recorded since October 2023. The victory in the GBTC case and BlackRock’s dive into crypto in June made everyone confident about the approval of the spot Bitcoin ETF. 
Renowned crypto analyst Al Bert wrote the following; 
<blockquote> 
 “Overall macro conditions are improving, and the Fed is likely to lower interest rates in the first half of 2024. China has already announced easing, and hopefully, the ECB will soon start to lower interest rates following a larger than expected drop in inflation in Germany, the strongest economy in the block.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-market-seeks-approval-for-1-6-billion-asset-sale/" data-wpel-link="internal">Crypto Market Seeks Approval for $1.6 Billion Asset Sale</a></h5>

Crypto Market Seeks Approval for $1.6 Billion Asset Sale

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