When markets sink, Swiss Bitnuk goes against the mainstream

Bitcoin exchange witnessed the record volume of Bitcoin transactions over the last 24 hours.

The last 24 hours were difficult for virtual currency markets. When all major crypto exchanges monitored massive sell-offs, Switzerland-based Bitcoin exchange showed completely opposite results.

Bitnuk, a Swiss-based bitcoin OTC exchange, witnessed the record volume of Bitcoin transactions over the course of the last 24 hours.

According to data of Bitnuk wallet, the number of transactions produced within Thursday exceeded the 114k, marking the highest-ever trade figures from the launch of Bitnuk in April 2018. The value of transactions reached 82,4 million EUR (around 87,4 mln CHF), also beating the record of all time.

Over-the-counter (OTC) trading, successfully performed by Bitnuk last night, refers to the decentralized process, where transactions between parties trading in digital assets can be made directly or facilitated by brokers. Such a trading process has become increasingly popular recently, as qualified investors or trading parties face more freedom and opportunities.

The black night for cryptos

Meanwhile, with nearly $93.5 billion market capitalization decline, the cryptocurrency exchanges experienced a rough Thursday night. The crash in the markets of digital assets echoed the massive sell-offs in equities and commodities around the globe, as traders and investors fell in a panic due to the global coronavirus pandemic and oil price wars between Saudi Arabia and Russia.

With chaos dominating everywhere from the United States to Australia, Europe is no exception. The main crypto exchanges operating around the region, which currently became the epicenter of coronavirus pandemic, faced the same severe price plunges.

The world’s largest cryptocurrency Bitcoin tested the bottom of $3 597 on LiteBit exchange, before the rebound to over $5 100. Bitstamp, Europe’s biggest exchange by trading volume, faced the price roller-coaster as Bitcoin dropped to $4 100. Exmo, the largest cryptocurrency exchange in Eastern Europe, recorded a sharp Bitcoin price dip to below $4 400.

Since Bitcoin suffered its worst one-day price drop in years, other major cryptocurrencies, which tend to move in tandem with Bitcoin, also experienced sharp falls.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia