Why the trading volume on the Bitcoin exchange Bitfinex fell by 97 percent?

The trading volume of Bitcoin on the exchange Bitfinex is already far not as large as before. A little over a year ago, this trading platform were almost the main platform for transactions the majority of traders. Now a day on Bitfinex is committed only three percent of orders from the former BTC-volume exchange. What is the reason for this decline?

No Tether, no money

According to CoinMarketCap, over the past day the sum of all committed on Bitfinex transactions amounted to 83.9 million dollars. A little over a year ago 24-hour trading volume of the exchange has exceeded $ 17 billion. One of the largest kryptomere Bitfinex turned into a mediocre trading platform.

Now the exchange takes 54th place in the ranking of trading volumes CoinMarketap. It seems that the company’s position did not save even initiatives active to attract new traders. Earlier, Bitfinex took minimum Deposit for new accounts. Before start trading here was only possible with sum of not less than 10 thousand dollars.

The issue of native token LEO also served as the impetus for an influx of customers. The business model of Bitfinex is bursting at the seams, and the company is rapidly losing its place in the competition. Instead, users prefer a more attractive trading platforms like Binance.

Many experts suspect that the cessation of injections stablon Tether in the stock exchange has triggered its decline. Recall that the emission USDT company does iFinex Inc., which also owns Bitfinex. Last active issue new tokens and their translation into exchange almost always presaged a sharp increase in the price of Bitcoin. This year Bitfinex and Tether was under severe pressure from financial regulators.

Source: Bitcoinist

In may, the High judge of the state of new York Joel Cohen asked the company credit documentation, and then decided to freeze the transfer stablon on the stock exchange. All this occurred against the backdrop of fierce the April scandal when it became known that Bitfinex hid the fact the loss of $ 850 million. As you can see, the watchful eye of judges and regulators are not much contributed to the Affairs of the exchange.

Until Bitfinex was busy proceedings with the law, its competitors quickly captured a dominant share of the market. Now Binance ranks first in popularity among the majority of cryptoendoliths. In recent months the company introduced a lot of new projects and launch startups at Launchpad Binance and without constantly stirs interest in the exchange.

By the way, not all initiatives are successful exchanges. For example, now a company cannot recruit a sufficient number of coins for the new round on its platform Lending, although initially (and at a more beneficial interest) users send bitcoin in minutes. Now the three coins there is half the amount even after a day since the start of the set. We are talking about Monero, zcash for and Dash.

Source: Binance Lending

What do you think about this? What is the Outlook give to the future trading platform? Share your opinion in our cryptodata millionaires!

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