The world’s leading digital currency exchange by trading volume Binance saw its daily trading volume surging to a new high. The 24-hour trading volume on the derivatives and spot trading platforms skyrocketed to a level not seen before by the Binance exchange. As per a tweet from the senior executive of the crypto exchange, the daily trading volume on the trading platform of Binance spiked high to hit a new high value of over $80 billion on January 4, 2021.
In a tweet published on the 4th of January, Changpeng Zhao, Binance’s Chief Executive Officer (CEO), reported that more than $80 billion in volume was traded on the spot and derivatives trading platforms of the exchange on Monday.
Binance’s derivatives trading platform saw its 24-hour trading volume surging high to $57 billion. While on the other hand, a daily trading volume of around $23.6 billion was noted on the crypto exchange’s spot trading platform.
Changpeng Zhao said that their trading platform went through some of the scaling issues on the day despite registering this achievement. He said that their trading platform is likely to undergo more such kinds of issues as the exchange’s platform is constantly growing and developing. However, he claimed that they would try to resolve those issues accordingly.
This milestone recorded by the Binance exchange coincides with the price crash of Bitcoin that occurred on the same day. The world’s largest digital currency in terms of trading volume had to suffer a price decline of around 10 percent, due to which the price value of the coin was retrieved back to the $30k level.
In another tweet made on the same day, the CEO of Binance said that the exchange’s monthly trading volume was $20 billion in the time period between November 15 and December 15 back in the year 2017. The leading digital currency was also at the peak of its bull run at that time as well.
In addition to this, around $190 million worth of liquidations were also processed by the cryptocurrency exchange in the duration of just ten minutes.