According to the latest reports, Binance has successfully managed to hit a daily volume of over $80 billion and set a record high in various derivatives and spot platforms.
Changpeng Zhao is acting chief executive at Binance which is the biggest crypto exchange in the world according to their trade volume. Zhao has informed that as of 4th January 2021, their trading activity of the last 24 hours recorded a daily volume of a massive $80 billion.
As Crypto Assets Spike, Binance Hits ATH
Zhao has also recently tweeted in order to give updates regarding the latest activities on the volume at the time of the previous bull cycle which was record-breaking. He also mentioned that the last day of the trade indicates a 4-time increase in the volume that was processed on exchange from 15th November 2017 till 15th December 2017.
24 hours before Zhao tweeted, the spot volume of Binance surpassed $23.6 billion. In the meantime, the trade was represented at $57 billion in relation to the derivatives.
Even though they reached a milestone, Zhao accepted that their platform had gone through some disruptions during their highest ever volume. He further added that they experienced a few scaling issues and expect some more as they continue to have an upswing. They accepted their flaws and assured to improve and work upon them as fast as possible.
While Bitcoin prices rapidly dropped lower than $30K, Binance experienced a high liquidation number of $190 million within 10 minutes on 4th January.
The record volume of Binance was achieved after BTC established over $30K and Ethereum managed to reclaim their 4 figure prices in January 2018.
