The daily volume across the spot and derivatives platforms at Binance (the largest cryptocurrency exchange in the world by trade volume) reached a new record high. Binance’s CEO, Changpeng Zhao (popularly called CZ), said that on January 4, 2021, the trade volume generated in the 24-hour trade activity reported a record high of US$80-billion.
CZ went on to say on Twitter that the trade volume generated on January 4, 2021, is 4-times than that of the volume processed on Binance during November 15-December 15, 2017 (the time when the crypto market witnessed the greatest spurt).
He Acknowledged that his platform experienced disruptions as the crypto trading volume reached new high. He said:
“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. We appreciate your understanding and support!”
Reports say that the Binance CEO’s tweet came just after the 24-hour trade volume at Binance touched almost US$57-billion in the crypto derivatives market and exceeded US$23.6-billion in the spot market.
As Binance witnessed unprecedented trade activity on January 4, 2021, the leading crypto exchange witnessed processing of a record US$190-million in liquidations in just 10-minutes as the Bitcoin price against the US Dollar fell below the US$30,000-level.
Sam Bankman-Fried, the CEO and founder of crypto derivatives exchange FTX, also said that the trading volume in his exchange on January 4, 2021, was US$180-billion. The top 5 largest crypto exchanges on that day registered a total volume of US$180-billion.