Binance’s collective crypto platform markets volume surge to $80B

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Binance announced a new high of more than $80 billion per day across its spot and derivative channels.

Changpeng Zhao, Chief Executive Officer of Binance, the world’s largest trade-volume crypto exchange, announced a whopping $80 billion in 24-hour business on January 4.

On Twitter, CZ compared the latest operation to the amount reported during the previous record-breaking bull cycle, noting that the last trading day was four times the volume processed on the exchange from Nov. 15, 2017 to Dec. 15, 2017.

Binance announced a new high of more than $80 billion per day across its spot and derivative channels.

Changpeng Zhao, Chief Executive Officer of Binance, the world’s largest trade-volume crypto exchange, announced a whopping $80 billion in 24-hour business on January 4.

On Twitter, CZ compared the latest operation to the amount reported during the previous record-breaking bull cycle, noting that the last trading day was four times the volume processed on the exchange from Nov. 15, 2017 to Dec. 15, 2017:

“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 extraordinary trading action, Jan. 4 also saw Binance mechanism record $190 million in liquidations over 10 minutes as BTC rapidly plummeted below $30,000.

Sam Bankman-Fried, CEO and founder of the crypto derivatives exchange FTX, announced on the same day that his exchange had handled more than $10 billion of the $180 billion in volume produced by the industry’s five-largest exchanges that day.

Binance’s record amount comes as Bitcoin consolidates over $30,000 since winning more than 50 percent from its previous all-time peak, and Ethereum has regained four-figure values for the first time since January 2018.

The spoils of the rally seem to be flooding into the DeFi market, with USD total value locked, or TVL, on decentralised finance protocols shattering records, from $12.5 billion at the beginning of December to almost $18 billion at present.

However, the amount of BTC locked in DeFi fell from an all-time high of 65,000 at the end of October to less than 25.000 today, although locked ETH dropped from almost 9 million at mid-November to 6.8 million today.

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