In May this year, FTX managed to overtake its main competitor Coinbase in terms of bitcoin trading volume.
Coinbase still processed a record number of bitcoin transactions during the sell-off after the UST crash on Terra. In early May, Coinbase processed 2.1 million transactions, which is 20% more than the previous record. In addition, experts note that the number of transactions processed by the exchange was much higher than that of other exchanges. Overall, Coinbase has made 90% more BTC/USD transactions than Kraken and Bitfinex this year. However, the difference in the volume of trades and the number of transactions is still in favor of FTX. On average, the transaction size for the same pair on FTX amounted to two thousand dollars, while on Coinbase it was about a thousand dollars.
In addition, analysts from Kaiko noted that the global attitude to risk has recovered against a less hawkish tone after the last US Federal Reserve meeting and slowing inflation data. However, the risk-taking attitude did not affect the cryptocurrency. Bitcoin and Ethereum were down at the end of the week. Ethereum suffered the most. Its price dropped significantly amid declining demand for NFTs and DeFi. The cost was also affected by the problems with the reorganization during the transition from POW to POS.
However, despite the bear market, Andreessen Horowitz has announced that it launches the largest crypto fund in history, and investment bank JP Morgan has begun testing blockchain for сollateral payments.
