Genesis is actively seeking judicial consent to offload crypto assets and derivatives valued at approximately $1.6 billion. This move comes at a time when Bitcoin (BTC) is battling to retain its value of $42,800, with the risk of breaking below a critical support level. Concurrently, trading volumes have surged past a one-year record, despite the total daily trading sum dipping under $30 billion.
Crypto Exchanges Witness Surge in Activity
Over the past month, centralized digital currency exchanges, particularly Binance and Coinbase, have experienced significant trading activity. This rush has propelled BTC to its two-year peak of $49,000, driven by the buzz around the possible introduction of a Spot Bitcoin ETF.
Analytics firm CryptoRank highlights a 10% uptick in January trade volumes since December 2023, marking a year-long zenith. Binance alone contributed half of the aggregate monthly volume hitting $800 billion.
Robust Volume Growth Across Multiple Platforms
Besides Binance, other platforms like Upbit, Cryptocom, and Huobi observed volume expansions of 44.6%, 28.4%, and 23.8%, respectively, in January. Bybit, Kraken, and OKX also saw increases, while KuCoin posted the smallest growth at 3.3%.
However, Gate.io experienced a 34% drop in spot trading volume, contrasting with the overall positive trends since October 2023. The anticipation of a spot Bitcoin ETF approval has been fueled by successes such as the GBTC case and BlackRock’s crypto engagement.
Expert Al Bert anticipates an improving macroeconomic environment, with potential interest rate reductions by the Fed and other central banks, which could positively impact the crypto markets.