Cryptocurrency trading activity via Telegram bots has surged in recent weeks, according to new research from Binance. PayPal launched a new US dollar-backed stablecoin called PayPal USD (PYUSD) — issued by Paxos Trust Co. Meanwhile, MakerDAO's new crypto lending platform Spark Protocol has garnered the ire of crypto privacy adv after blocking VPN users from accessing its website
Telegram bots are leaving a dent on the cryptocurrency market, with daily trade volumes from these software applications hitting a record high in recent weeks.
The cumulative trade volumes of crypto trading bots has reached $190 million as of early August, according to new research from Binance. The single-day record for crypto trading volumes emanaging from chatbots was $10 million on July 23. According to Binance, user activity also reched a record in July, with more than 6,000 daily unique users. Total chatbot revenues on Telegram have reached 15,500 Ether
ETH
$1,831
, or roughly $28 million, according to report author Jie Xuan Chua.
By offering users a relatively seamless way to execute transactions, bots have the potential to carve out their own niche in the crypto ecosystem,” Chua wrote, adding that Telegram bots already offer a range of services to crypto users, including trading, airdrop farming and automated token operations.
