BTC-e, Bitstamp handling 75% of trades amid Mt. Gox collapse

After the collapse of one of the largest bitcoin exchange platforms in the world, Mt. Gox, numerous bitcoiners have looked elsewhere to handle their digital currency holdings. Bitcoin exchanges BTC-e and Bitstamp are taking advantage of Mt. Gox’s losses and presently handling a majority of total trades.

According to figures from Bitcoin Average, BTC-e manages approximately 30 percent of trades, while Bitstamp is handling close to half (44 percent) of the current bitcoin trading volume. Bitfinex is third on the list with less than 23 percent.

BitcoinThere are other exchanges but they represent only a tiny share: itBit has inherited 2.37 percent of the trading volume and CampBx, Justcoin and LocalBitcoins are taking care of less than one percent of bitcoin trading.

Other data indicates that nearly three-quarters (70 percent) of all bitcoin transactions are completed in United States dollars. Sixteen percent of transactions are done in Chinese yuan, 5.7 percent are performed in Hong Kong dollars and the euro represents only 4.7 percent.

Soon after the insolvency declaration by Mt. Gox, which once hosted as much as 80 percent of the world’s bitcoin trades, virtual currency holders sought other venues to participate in the bitcoin economy.

The Tokyo, Japan-based website experienced numerous DDos attacks and lost 850,000 bitcoins ($527.5 million dollars). It still remains to be determined if the missing bitcoins were stolen, voided by technological vulnerabilities or if it was a matter of both.

“We have lost bitcoins due to weaknesses in the system,” said Mt. Gox CEO Mark Karpeles. “I am sorry for the troubles I have caused all the people.”

At the time of this writing, bitcoin is trading at $620.

  • Genda Dunmatta

    What about atomic-trade? How many percent do they have?
    At least they’re not anonymous like Btc-e, and they’re FinCen registered. I trust a small US exchange with known ownership more than an anonymous big exchange that could do a runner tomorrow.

  • MichaelRWorthingon

    “Bitfinex is third on the list with less than 23 percent.”

    What a weird article that marginalizes Bitfinex for some reason. It sounds like BTC-e is at 30% and Bitfinex is at about 23%, yet the article is how most all the volume is concentrated in Bitstamp and BTC-e.

    Top 3 is what counts here, not Top 2.

    If Top 3 is handling 98% of trades, isn’t that a bit more notable than the Top 2 doing 75%?