As Crypto Markets Rebound, LMAX Hits Highest Volume Yet in 2022

LMAX Digital, an institutional spot cryptocurrency exchange and part of UK-headquartered LMAX Group, hit its peak volume so far in 2022 on Thursday.

“Volumes on our institutional crypto currency exchange, LMAX Digital soared to the highest levels of the year on Wednesday and Thursday, coming in at $2.10 billion and $3.25 billion, respectively,” LMAX Group wrote on LinkedIn.

LMAX’s record comes as the cryptocurrency market begins to rebound after plunging in the last few days.

For instance, American cryptocurrency exchange, Coinbase, has seen its stocks rise by 8.9% in 24 hours on Thursday, closing the trading day at $58.50 on NASDAQ.

While Bitcoin rose above $30,000 on Friday after plunging below $26,000 during the market crash, Ether has climbed 9.7% over the past 24 hours, hitting a daily high of $2,128, according to CoinMarketCap’s update.

Nonetheless, digital assets are still below their pre-market-crash levels, begging the question if the rally will be sustainable or turn out a dead cat bounce.

A Peek into LMAX's Peak

Data on LMAX’s website shows that the recent reported jump in its daily volumes is the highest recorded by the exchange tracing as far back as December 2021.

However, a broader view of its yearly data reveals that the exchange is yet to surpass its peak records of daily volumes from around June 2021.

Meanwhile, CF Benchmarks, a cryptocurrency index provider regulated by the UK’s Financial Conduct Authority, in March announced its intention to add market data from LMAX Digital to its benchmarks.

The index provider said LMAX’s data will contribute to six of its cryptocurrency indices effective from May 3, thereby significantly enhancing its index data.

These benchmarks include some of the widely used Bitcoin and Ethereum indices with over $5 billion in referenced assets.