Bitcoin is holding strong on exchange trading; Bitwise report

bitwise bitcoin price prediction

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Bitwise has released some reports elaborating on the topic of Bitcoin spot market. The firm mentions and emphasizes on trading spreads in the BTC spot market.

Bitwise Asset Management is the best provider of index and beta cryptocurrency asset funds. The firm is waiting for the SEC’s decision.

The firm said that the trading spreads are much tighter than we thought before. Bitwise takes the time to clearly draw the line between real and fake exchanges on the basis of volume.

In the fake category is Coinbene, which has a volume of five hundred million dollars ($500 million) with a spread of twelve dollars ($12).

On the other hand, we have Coinbase in the category of real exchanges. Coinbase has a volume of seventy million dollars ( $70 million) with spreads of less than one dollar ($0.01).

The report released by Bitwise ends by stating that the on most of the exchanges that have ambiguity in their volume and data are of the fake category.

The bitcoin spot market is very vast and resourceful. Its spreads rank in the lowest quoted financial instrument globally.

The report suggests that only ten overall crypto exchanges made it to the real category. These ten exchanges have a median spread on each for the month of April as well. The firm also mentions the five most liquidity prone exchanges. These five are Binance, Bitfinex, Kraken, and Coinbase.

In April Bitcoin was above the five thousand dollars level ($5,000). This indicated the start of an ongoing bullish rally that continues until the end of the month. The spreads on the largest crypto exchanges ranged between 0.01%– 0.03%.

The report also stated that the association of the trading volume with spread size is not clear cut because the exchange fees, tick size, and more things are involved.

Nonetheless, the association is strong, and the spreads are small on the exchanges within the real category.

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Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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