Bitcoin‘s latest price surge has made a lot of cryptocurrency exchanges happy.
Binance watches its trading volume skyrocket; it was up by 133% in the previous month and over 400% from the previous year. Coinbase Pro is also up to over 200% for the previous month and 92% for the year. Kraken has had smooth sailing with 163%, and 54% jumps for the month and year, correspondingly.
Unfortunately, not all cryptocurrency exchanges were able to benefit from Bitcoin’s price surge.
KuCoin has done $3.97B in transaction volume in the previous month. While it is good for a 78% progress from last month, the Singaporean exchange still does smaller volumes than it has been doing for parts of July in September. The volumes are down by 21% from the previous year.
What happened last September?
KuCoin has been hacked on September 25, amounting to $281M worth of tokens. And though it was able to recover over 80% of the tokens by November 11, the hack’s arrival has been worse for the exchange from a consumer confidence standpoint.
It between the two dates, Bitcoin’s price went up from $10,739 to $16,284; however, KuCoin’s trading volume has been stuck in Q1 because of the user’s worries about the security of their funds.
The number of Bitcoin reserves in KuCoin dropped from 1,059 on September 24 to under 50 the next day. That number has been ticked up to 403 BTC.
Aside from KuCoin, there was also OKEx that faced tough times. The exchange halted withdrawals from October 16 to November 26 because its founder being in detention. But what it did was halt people from cashing out in the peak of the Bull Run. Trading volumes for OKEx are still up nearly 300% this year.
Volume is not everything for cryptocurrency exchanges; on the other hand, KuCoin will be hoping for more of it in 2021.
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