Binance, the world’s largest digital currency exchange in terms of trading volume, has witnessed a potential increase in its daily trading volume on its trading platform. Reportedly, the daily trading volume across its derivatives as well as spot trading platforms reached a significant new high recently.
The Chief Executive Officer (CEO) of Binance Changpeng Zhao (CZ) has reported this news via a tweet on Monday and said that the 24-hour trading volume on the exchange’s trading platform surged high to reach the figure of $80 billion on the 4th of January. The daily trading volume on the spot trading platform of the crypto exchange surpassed the mark of $23.6 billion. While on the other hand, the derivatives trading platform of the exchange witnessed a daily trading volume of $57 billion. That is a remarkable growth seen by the leading digital currency exchange on its platform.
While reporting this news, Binance CEO said in the tweet, they had to face some scaling issues in spite of this growth in daily trading volume as 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.”
$80+ billion in trading volume in the last 24 hrs on @Binance. ATH x 2!
We saw some scaling issues today. We probably will see more issues as we continue to grow. We aren't prefect, but we will fix them as quickly as we can. We appreciate your understanding and support!🙏🙏🙏 pic.twitter.com/16A2DhWHqB
— CZ Binance (@cz_binance) January 4, 2021
Furthermore, in another tweet, he drew a comparison between the current monthly trading volume growth seen by the exchange during the 2020’s bull run and the trading volume growth that it witnessed back in the year 2017 from the 15th of November to the $15th of December and said:
“To put this in perspective, from Nov 15, 2017, to Dec 15, 2017, the month leading up to the ATH in 2017, @Binance did $20 billion in trading volume in 1 month. And we were the largest with those volumes back then.”
Apart from this, an amount of $190 million was also liquidated on its trading platform within the duration of just ten minutes as Bitcoin faced a price crash on the day.