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Cryptocurrency News Articles
Binance Records Over $100 Trillion in Cumulative Spot and Derivatives Trading Volume
Oct 19, 2024 at 10:00 pm
Binance has recorded over $100 trillion in cumulative spot and derivatives trading volume, reflecting the capital flowing into the crypto sector and increasing demand for exposure to cryptocurrencies.
Binance has recorded over $100 trillion in cumulative spot and derivatives trading volume, attesting to the massive capital涌入 crypto markets and rising demand for exposure to cryptocurrencies.
At press time, CoinMarketCap data showed that Binance’s total spot trading volume now stands at $12.3 billion, while the exchange’s derivatives trading volume is at $43.15 billion.
According to CCData, Binance's cumulative spot and derivatives trading volume has exceeded 100 trillion US dollars, OKX ranks second with 24.9 trillion US dollars, followed by Bybit and Bitget, ranking third and fourth, with 13.2 trillion and 10.9 trillion respectively. HTX ranks… pic.twitter.com/TR6sbApfwp
An analysis from CCData reveals that OKX follows in second place with $24.9 trillion dollars, with Bybit and Bitget ranking third and fourth with $13.2 trillion and $10.9 trillion, respectively. Meanwhile, HTX (formerly Huobi) ranks fifth in the market with a cumulative volume of $10.2 trillion.
Despite being bankrupt since November 2022, Sam Bankman-Fried’s FTX ranks sixth in terms of cumulative spot and derivatives trading volume.
Read also: Binance, KuCoin Request Source of Funds from Indian Users After FIU Registration
The data also reveals that among the best-performing altcoins since October 2023 are meme coins Pepe (PEPE) and FLOKI (FLOKI), which yielded an impressive 1501% and 698%, respectively. Solana (SOL) also saw a 599% gain. However, CRV, ATOM, and ARB were the worst performers.
According to the data, the assets have seen a decline of up to 39%, 32%, and 30%, respectively, since October 14th, 2023.
Crackdown on Binance
In a related development, U.S. authorities have been cracking down on Binance and its US entity, Binance.US, which has led to a decline in the footprint of the leading digital asset exchange in the crypto industry.
Notably, in November last year, the United States DoJ slapped Binance and its co-founder and crypto entrepreneur Changpeng Zhao with a fine of $4.3 billion. Following the penalty, Zhao stepped down as the chief executive officer of the company and pleaded guilty to voluntarily breaking securities regulations.
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