Binance Hits Record High Of $80 billion In Daily Volume As Crypto Market Soars

Changpeng Zhao, chief executive of Binance, the world’s largest crypto exchange by trading volume, reported a record $80 billion in 24-hour trading activity on January 4.

On Twitter, CZ compared recent activity to volume posted during the last record-breaking bull cycle, noting that last day’s trade was equivalent to four times the volume processed on the exchange from November 15, 2017 to December 15, 2017.

In the 24 hours prior to CZ’s tweet, Binance’s spot volume exceeded $23.6 billion, while its derivatives represented nearly $57 billion in trading.

Despite the remarkable achievements, CZ acknowledged that the platform had experienced a crash amid recording volumes, stating:

“We saw some scaling issues today. We may see more problems as we continue to develop. We are not perfect, but we will fix it as soon as possible. ”

However, in addition to the unprecedented trading activity, January 4 also saw Binance process a record $190 million liquidation over 10 minutes as BTC quickly fell below $30,000.

On the same day, Sam Bankman-Fried, CEO and founder of crypto derivatives exchange FTX, reported that his exchange had processed more than $10 billion of the $180 billion volume produced by the sector’s five largest exchanges that day.

Binance’s record volume comes as Bitcoin consolidates above $30,000 after gaining more than 50% from its previous all-time high, and Ethereum has reclaimed its four-figure price for the first time since January 2018.

The spoils of the rally appear to be pouring into the DeFi sector, with the total value of locked USD, or TVL, on the decentralized finance protocol breaking a record, from $12.5 billion in early December to currently close to $18 billion.

Yet the amount of BTC locked in DeFi has fallen from an all-time high of 65,000 in late October to less than 25,000 today, while locked ETH has fallen from nearly nine million in mid-November to 6.8 million today.

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