August 5, 2019, 8:33PM EDT
• 3 min read

Hourly trading volumes suggest last night's bitcoin price surge started on Binance

Quick Take

  • Bitcoin’s price experienced a sharp increase last night prior to the PBoC’s announcement it would increase the Chinese yuan’s reference rate
  • Trading volume data suggests the catalyst was outsize volume on Binance
  • At 11 p.m. UTC last night, Binance exhibited 73% of the total bitcoin trading volume among the top exchanges, coinciding with the start of bitcoin’s price surge

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