The world’s largest cryptocurrency exchange, Binance reported an all-time high of $80 billion in 24-hours on Jan 4, 2021. CZ compared this recent activity to the last record-breaking bull cycle stating that the past trade day equates four-times the volume processed on the Binance exchange from Nov. 15, 2017 to Dec. 15, 2017.
Within 24 hours of CZ’s tweet, the Binance trade volume exceeded $23.6 billion and its derivative represented $57 billion in trade. CZ acknowledged the platform stating that:
“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.”
In addition to the unprecedented trade activity, Binance recorder $190 million in liquidations over 10 minutes as BTC dropped below $30,000. On the same day, Sam Bankman-Fried, FTX CEO, stated that his exchange processed more than $10 million of the $180 billion in volume.
The rise in Binance’s volume comes after Bitcoin rises above $30,000 after gaining more than 50% over its previous all-time high. Additionally, Ethereum has also reclaimed four-figure price for the first time since January 2018.
The spoils of the rally appear in the Decentralized Finance sector with USD total value locked on decentralized finance protocols breaking records from $12.5 billion at the start of December to currently sitting at nearly $18 billion.
The number of Bitcoin locked in DeFi is dropped from its all-time high of 60,000 as of late October to less than 25,000 today. Whereas the Ethereum has fallen from 9 million as of mid-November to 6.8 million today.