Changpeng Zhao, the managing director of Binance, the world’s largest crypto exchange by trading volume, reported a record $ 24 billion in 24-hour trading activity on Jan. 4.
On Twitter, CZ compared recent activity with the volume published during the last record-breaking bull cycle and found that the previous trading day was four times the volume processed on the exchange from November 15, 2017 to December 15, 2017. 2017.
To put this in perspective, from November 15, 2017 to December 15, 2017, the month before the ATH in 2017, @Binance had a trading volume of $ 20 billion in one month. And back then we were the biggest with these amounts.
– CZ Binance (@cz_binance) January 4, 2021
In the 24 hours leading up to CZ’s tweet, Binance’s spot volume exceeded $ 23.6 billion, while its derivatives represented a trade of nearly $ 57 billion.
Despite the milestone, CZ admitted that the platform had experienced disruptions due to the record volume, stating:
“We saw some scaling issues today. We’ll likely see more problems as we continue to grow. We’re not perfect, but we’ll fix them asap. “
In addition to unprecedented trading activity, Binance saw record liquidations of $ 190 million over a 10-minute period on Jan. 4 as BTC quickly plunged below $ 30,000.
On the same day, Sam Bankman-Fried, CEO and founder of the crypto derivatives exchange FTX, reported that his exchange had processed more than $ 10 billion of the $ 180 billion in volume that day from the five largest exchanges of the sector was produced.
10b pic.twitter.com/44acp7fZ0l
– SBF (@SBF_Alameda) January 4, 2021
Binance’s record volume is in Bitcoin consolidating over $ 30,000 after gaining more than 50% from its previous all-time high, and Ethereum has reclaimed four-digit prices for the first time since January 2018.
The spoils from the rally appear to be flowing into the DeFi sector, with the USD Total Value (TVL) for decentralized financial protocols falling from $ 12.5 billion in early December to nearly $ 18 billion now.
However, the number of BTC banned in DeFi has dropped from an all-time high of 65,000 in late October to less than 25,000 today, while the number of ETH banned has dropped from nearly nine million in mid-November to 6.8 million today.
