UK markets open in 3 hours 49 minutes
  • NIKKEI 225

    28,983.31
    -204.86 (-0.70%)
     
  • HANG SENG

    29,021.22
    +265.88 (+0.92%)
     
  • CRUDE OIL

    61.74
    +0.31 (+0.50%)
     
  • GOLD FUTURES

    1,786.90
    +4.90 (+0.27%)
     
  • DOW

    33,815.90
    -321.41 (-0.94%)
     
  • BTC-GBP

    36,175.66
    -2,282.68 (-5.94%)
     
  • CMC Crypto 200

    1,138.13
    -104.92 (-8.44%)
     
  • ^IXIC

    13,818.41
    -131.81 (-0.94%)
     
  • ^FTAS

    3,965.04
    +29.40 (+0.75%)
     

Cryptocurrency trading volumes spike 17% in February - CryptoCompare

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
The exchange rates and logos of Bitcoin, Ether, Litecoin and Monero are seen on the display of a cryptocurrency ATM in Zurich
  • Oops!
    Something went wrong.
    Please try again later.

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)