The cryptocurrency market recently witnessed quite an unusual spike. Well, it has now been revealed that the new EXX crypto exchange was behind this spike. Crypto enthusiasts and users on July 28 saw quite a strange volume number that reached $35 billion dollars! The majority of this volume came from Ethereum that registered $12 billion dollars volume in 24 hours.
Asian entrepreneurs are taking efforts to re-open the crypto market in China. So with the new EXX exchange, crypto enthusiasts can now process trades, receive tokens from the exchange platform, and also avoid paying any trading fees.
Previously, the Asian market has not seen such a huge volume. Another interesting thing to note is that this spike took place in just one trading pair – ETH/USDT. Compared to the EXX trading volume of $11 billion dollars, the Binance exchange registered $1 billion dollars that were traded during the last 24 hours. Binance is one of the most important exchanges in the world in terms of trading volume.
Industry experts and enthusiasts are of the opinion that these trading volumes are fake, which means that this is for the token rewards. They feel that such a spike isn’t helping the crypto market at all.
As reported in the Bitcoin Exchange Guide, traders received EXX token which can be sold later in the cryptocurrency market. In fact, some users seem to be receiving some amount of profit even after trading several times in the EXX crypto exchange. This can be linked to the Chinese individuals who are trying to enter the market through these loopholes.
China has always been giving significant volumes to Ethereum. Presently, the EXX exchange has registered more than $11 billion dollars in trading volume. 90 percent of this volume is related to the ETH/USDT trading pair. Binance, on the other hand, has registered only $1 billion dollars trading volume so far.
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