Bitcoin is looming ever-closer to its all-time high of $19,891, which it only managed to achieve in the great bull run of 2017. Major crypto exchanges are seeing massive new highs in trading volumes as a result of this price action.
In particular, Binance, one of the biggest crypto exchanges out there, has recorded over $37 billion in volumes within the past 24 hours.
Recording New Record Daily Volumes
CoinMarketCap, the completely unbiased crypto data provider owned by Binance, has shown that the daily trade volume for Binance has hit $37,292,444,117 in total. This stands as a 40.5% rise within the past 24 hours. Just last week, CoinMarketCap had reported trade volumes of $25 billion for Binance.
Alongside this, the level of open interest when it comes to Bitcoin futures contracts has reached a new all-time-high for Binance, recording at $1.17 billion. This comes from Glassnode, another crypto data provider.
— glassnode (@glassnode) November 24, 2020
BTC Rising High
As the massive levels of bullish price actions occur in Bitcoin, it’s natural to see such a surge. As it stands now, Bitcoin is worth just over $19,100, with the price having risen by 4% within a day. Ether (ETH) has seen a surge, as well, managing to record a 25% price hike within this week, going to $605 apiece.
Even XRP managed to get into this bull run, recording a yearly high of $0.73 just yesterday. This shows that the token had gained over double its value within just a week.
Another important thing to make note of, is the fact that Binance is managing to record these record volumes without the US users’ participation. It was already reported that several Twitter users based in the US have reported Binance sending them an email. This email mandated that they close their accounts in 14 days’ time.
Should these users opt not to withdraw all their funds after this, the exchange stated that it would lock their accounts. Indeed, it’s illegal for Binance to operate within the US, with US users finding workarounds to Binance’s lack of US representation.
No US Traders Allowed
While there is a Binance.US firm, this firm, in Changpeng “CZ” Zhao’s own words, only licenses Binance’s proprietary technologies and brands, being a separate company. CZ, the CEO, and co-founder of Binance, had already stated that the exchange needs to work out increasingly clever ways to keep US citizens out of its main exchange.
Something to make a note of, however, is the fact that Binance is already well known to artificially inflate its trade volumes. It is, in fact, a common tactic among the biggest crypto exchanges out there. As such, the volumes can’t be trusted, but the size and scope of Binance are undeniable, regardless.