Crypto Exchange Bitfinex Remains Unfazed by Its Falling Trading Volume

News
Tue, 12/24/2019 - 18:38
Alex Dovbnya
Bitfinex CTO Paolo Ardoino explains why the exchange's shrinking volumes don't really matter
Cover image via U.Today
Contents

According to Bitfinex CTO Paolo Ardoino, the Bitfinex exchange is still going strong despite its decline market share of Bitcoin's trading volume.

Ardoino highlights the fact that the business is "highly profitable" while claiming that volume is not a reliable metric for measuring the success of a certain exchange.  

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Crypto Exchange Bitfinex Will Allow You to Trade with 1:100 Leverage 

An increasing supply of BTC 

CoinMetrics data shows that the exchange's supply has been growing in December even when the price of Bitcoin continued to drop. As of Dec. 22, Bitfinex controlled 204,150 BTC (about $1.5 bln at current prices), which represents a sizeable increase from the 154,996 BTC it held one month ago.

image by @coinmetrics

In spite of its declining volumes, Bitcoin remains the second most liquid exchange, CoinMarketCap data shows.   

A penchant for innovations 

In the tweet, Ardoino also mentioned the exchange's devoted community that also underscores its success. Bitfinex has been around since 2012, proving to be a real trailblazer in the crypto industry.

As reported by U.Today, Bitfinex recently became the very first high-profile exchange to enable support for the Lightning Network (LN).   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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