Amid the market carnage on Tuesday, November 8, the top ten crypto exchanges saw trading volumes skyrocket. Over a 24-hour period on Tuesday, the top five exchanges alone recorded over $60 billion in trading volume. Among the top ten crypto exchanges by trading volume, exchanges have gone from 126% to 305% in the past day. While exchange volumes skyrocketed, trading platforms Coinbase and Kraken reported exchanges experiencing connectivity issues.
Cryptocurrency trading volume on Tuesday is 183% higher than last week, top 5 exchanges hit a record of over $60 billion with 24-hour trading volume
Over the past few days, speculation surrounding FTX has led Binance CEO Changpeng Zhao (CZ) to tell the public that his company plans to acquire FTX. Multiple reports followed the acquisition announcement, as one account said FTX was actively “attracting deep pockets in Silicon Valley and Wall St” on Tuesday morning.
Another report noted that FTX CEO Sam Bankman-Fried told employees that withdrawals on the FTX.com exchange “have been effectively halted.” All of this led to significant crypto market fluctuations throughout the day on Tuesday, and both Kraken and Coinbase reported connectivity issues and “latency lag” during the day.
All ten of the top crypto exchanges have seen significant triple-digit increases in 24-hour trading volume. The world’s largest exchange by trade volume, Binance, hit $46.92 billion in global trade volume in the past day. Binance’s exchange volume has grown 176.75% higher in the past 24 hours. Among the top ten exchanges, Coinbase’s trading volume had the lowest increase on Tuesday but is still up 126.70% in 24 hours.
Coinbase trading volume represented the second largest volume on Tuesday at $5.02 billion, followed by FTX’s $4.95 billion. Followed by Binance, Coinbase, and FTX are Kraken ($1.80 billion) and Binance US ($1.44 billion).
The top five exchanges by global trade volume record trade volume of USD 60.13 billion out of a whopping $201.62 billion of global trade volume recorded per exchange worldwide. gender. Following Binance US are Kucoin, Huobi Global, Bitfinex, Gemini and Bitstamp respectively in terms of 24-hour trading volume.
Last Wednesday, November 2, 2022, the volume of global trade was not as high as the statistics show on November 8, 2022, as the total value of global trade was $71.22 billion . The total global trade volume of $201.62 billion recorded on November 8 was 183% higher than on Wednesday of last week. Additionally, stablecoin tether (USDT) raked in $128.90 billion out of $201.62 billion in Tuesday’s global trading volume.
Just last week, instead of the triple-digit volume increase seen on November 8, all of the ten largest crypto exchanges experienced double-digit declines, in terms of 24-hour trading volume. Binance’s exchange volume on Nov. 2 dropped 17.10% on that day and hit $14.19 billion, as opposed to $46.92 billion recorded on Tuesday, May 8. 11.
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