The increase in Bitcoin’s trading volume is attracting attention in the 24-hour BTC/USD trading volume of Hong Kong-based crypto exchange Hashkey. This volume has reached $3.48 billion, making it competitive with industry giants like Binance, whose total trading volume is $4.21 billion.
This increase in Bitcoin’s trading volume is associated with wash trade activities allegedly carried out by market makers to accumulate platform coins. This type of market manipulation is carried out by investors simultaneously buying and selling the same cryptocurrencies to create artificial movement in the market.
The increase in Hashkey’s trading volume is seen as a sign of significant market activity on the platform. However, this increase in volume also raises questions about the dynamics behind it. Analysis suggests that this significant increase in trading volume may be linked to the wash trade practices used by market makers.
Market makers who may have contributed to Hashkey’s significant trading volumes can increase speculation and interest in the exchange. As Hashkey continues its path in the competitive crypto exchange industry, the results of this increase in trading volume lead industry participants to closely monitor developments and evaluate the accuracy of reported figures.
Especially today, as Bitcoin’s trading volume increases, it is seen that it has surpassed the critical resistance level of $38,000 and is now targeting the 2023 peak of $38,450. If Bitcoin surpasses this peak, it is expected to embark on a $40,000 journey. The next target is set at $42,000.