Despite the fact that there are multiple factors of pressure, which have influenced the value of Bitcoin as it plunged deeper and deeper, leaving behind its 2017’s all-time peak , some analysts propose that Bithumb, the South Korean digital currency exchange might have made its input in one of the latest sell-offs, albeit indirectly.
As per the company’s most recent CCCACG, the Korean cryptoexchange was the leader amongst the others in terms of daily trading volume within the period from October to November, accounting for 1.24 billion USD in daily turnover on average. That resulted in a parabolic month-over-month growth in the amount of 284%, even while a worldwide cryptotrading giant Binance encountered a 34% volume drop.
Obviously enough, there was not much organic about the trading volumes of Bithumb, which is why Binance still holds the title of the world’s most dominant cryptoexchange by trading volume. Instead, Bithumb’s enlarged volumes coincided with a few cryptotrading advertising campaigns, namely Super Airdrop Festival and Special Gift. These advertisements seem to have allowed Bithumb to boost its daily trading volume, even though the amount of active cryptotraders declined substantially, as per the web analytics.
According to Mati Greenspan, a senior market analyst, Bithumb does not really deserve the blame for the latest BTC value decline, and, in fact, the trading promotion exercised by the cryptoexchange might have allowed the cryptomarket to stay stable for a longer period than it would without it.