Binance records high of $80 billion in daily trading volume across its spot and derivatives platform as we can see in today’s binance news.
Binance records a high of $80 billion in daily trading volume as Changpeng Zhao, the chief executive of the platform announced. CZ compared this recent activity to the volume that was posted during the last record-breaking bull cycle noting that over the past few days of trading equal to four-time the volume that was processed on the exchange from November 15, 2017, to December 15, 2017.
$80+ billion in trading volume in the last 24 hrs on @Binance. ATH x 2!
We saw some scaling issues today. We probably will see more issues as we continue to grow. We aren't prefect, but we will fix them as quickly as we can. We appreciate your understanding and support!🙏🙏🙏 pic.twitter.com/16A2DhWHqB
— CZ Binance (@cz_binance) January 4, 2021
In the day preceding this tweet, Binance’s spot volume surpassed $23.6 billion while the derivatives represented about $57 billion in trade. Despite this milestone, CZ acknowledged the platform had experienced many disruptions amid the record volume and stated:
“We saw some scaling issues today. We probably will see more issues as we continue to grow. We aren’t perfect, but we will fix them as quickly as we can.”
However, in addition to the trading activity, Binance processed a record of $190 million in liquidations over 10 minutes as the benchmark cryptocurrency dropped below $30,000. On the same day, Sam Bankman Fried who is the CEO and founder of crypto derivatives exchange FTX reported that his exchange processed more than $10 billion of the $180 billion in volume produced by the exchange.
— SBF (@SBF_Alameda) January 4, 2021
Binance’s record volume comes as BTC consolidated above $30,000 after gaining more than 50% over the previous all-time high and ETH reclaimed its four-figure for the first time since 2018. The spoils of the rally seem to be flowing into the DeFi sector with the USD total value locked or TVL on decentralized finance protocols that smash records from $12.5 billion at the start of December to sitting now at $18 billion.
However, the number of BTC that is locked in Defi fell from an all-time high of 65,000 as of late October to less than 25,000 today while locked ETH dropped from nine million as of mid-November to 6.3 million today. Binance’s US CEO Catherine Coley sees the current BTC bull run as a strong sign that the cryptocurrency will reach a price up to $100,000. Speaking to KLTA, Coley explained that the recent rally in the BTC price that moved it from $19,000 to $34,000 in less than a month, only means that another price surge will be hitting the asset thanks to the accelerated rally based on what happened before in the 2017 bull run.
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