Canada markets close in 2 minutes
  • S&P/TSX

    19,348.12
    +26.22 (+0.14%)
     
  • S&P 500

    4,185.06
    +14.64 (+0.35%)
     
  • DOW

    34,189.75
    +153.76 (+0.45%)
     
  • CAD/USD

    0.7996
    +0.0020 (+0.25%)
     
  • CRUDE OIL

    63.12
    -0.34 (-0.54%)
     
  • BTC-CAD

    77,384.05
    -1,841.22 (-2.32%)
     
  • CMC Crypto 200

    1,389.98
    -1.73 (-0.12%)
     
  • GOLD FUTURES

    1,775.90
    +9.10 (+0.52%)
     
  • RUSSELL 2000

    2,266.82
    +9.75 (+0.43%)
     
  • 10-Yr Bond

    1.5730
    +0.0430 (+2.81%)
     
  • NASDAQ

    14,052.72
    +13.95 (+0.10%)
     
  • VOLATILITY

    16.25
    -0.32 (-1.93%)
     
  • FTSE

    7,019.53
    +36.03 (+0.52%)
     
  • NIKKEI 225

    29,683.37
    +40.68 (+0.14%)
     
  • CAD/EUR

    0.6671
    +0.0013 (+0.20%)
     

Cryptocurrency trading volumes spike 17% in February: CryptoCompare

·1 min read
FILE PHOTO: Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration

LONDON (Reuters) - Cryptocurrency trading volumes soared by 17% last month in the wake of Tesla's $1.5 billion bitcoin bet, with larger exchanges taking a growing share of the overall volumes, data showed on Friday.

Trading volumes jumped to $2.7 trillion in February, with volumes at major exchanges jumping over 35% to $2.4 trillion, researcher CryptoCompare said. Smaller exchanges saw volumes slump by 36% to $381 billion, suggesting growing consolidation of trading at larger venues.

Volumes hit an all-time high of $159.9 billion on Feb. 23, it said, when bitcoin sank 10%.

The embrace of cryptocurrencies by the likes of Tesla Inc and Mastercard Inc drove bitcoin to a record high of $58,354 and a $1 trillion market capitalisation last month. Growing interest from bigger investors has also added fuel to the cryptocurrency's rally.

Bitcoin, whose history of wild price swings has long-hampered its use for commerce, has since slumped around 20% from its peak and was last trading at around $47,000.

Major exchange Binance saw the biggest trading volume in February of $761 billion, up 66% from the previous month, the data showed. That was followed by Huobi and OKEx, both popular with investors in Asia, which saw respective increases of 12% to $214 billion and 26% to $188 billion.

(Reporting by Tom Wilson; editing by Thyagaraju Adinarayan)