$64 Billion Worth of Crypto Was Traded the Day Bitcoin Flash Crashed in May

A total of $64.7 billion worth of crypto was traded on May 10, a day in which the price of Bitcoin flash crashed  12% in only 15 minutes, a few days before the cryptocurrency’s block reward halving.

Data from CryptoCompare’s May 2020 Exchange Review shows that the significant trading volume did not match a spike soon on April 30, when $66.2 billion worth of crypto changed hands, or the record volumes seen on March 13, of $75.9 billion.

The spike in volume seen on May 10 was mostly led by lower-tier cryptocurrency exchanges based on CryptoCompare’s Exchange Benchmark, as these traded a total of $49.88 billion on May 10, while top-tier crypto exchanges traded $14.86 billion.

Trading volumesSource: CryptoCompare

As CryptoGlobe reported, in April lower-tier exchanges saw their second-highest ever trading volume, coming only behind the volume seen in March, the month crypto and equity markets were affected by the coronavirus-induced market crash. CryptoCompare data shows that on May 10 the price of bitcoin dropped from nearly $9,500 to around $8,320 in about 15 minutes.

Since then the price of bitcoin has moved to test the $10,000 mark a number of times. Every time it breached it, it ended up dropping again. While the psychological barrier has not been broken, BTC’s hashrate has recovered after the halving thanks to its price rise.

CryptoCompare’s May 2020 Exchange Review also revealed that cryptocurrency derivatives volumes hit a new all-time high of $602 billion last month, rising 32% compared to the month of April. Their share of the total volume went up, as total spot volumes increased 5% to $1.27 trillion that month, meaning derivatives represented 32% of the market.

Photo by David McBee from Pexels.