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Amid the market carnage on Tuesday, November 8, the top ten cryptocurrency exchanges have seen trading volumes rise. During the 24-hour period on Tuesday, the top five exchanges alone recorded more than $60 billion in trading volume. Of the top ten crypto exchanges by trading volume, the exchanges saw gains between 126% to 305% over the past day. While exchange volumes rose, trading platforms Coinbase and Kraken reported that their exchanges suffered from connectivity issues.
Over the past few days, the speculation surrounding FTX led to Binance CEO Changpeng Zhao (CZ) telling the public that his company plans to acquire FTX. Several reports followed the acquisition announcement, as one account said FTX was actively “pursuing deep pockets in Silicon Valley and Wall St” on Tuesday morning.
Another report noted that FTX CEO Sam Bankman-Fried reportedly told employees that withdrawals on the FTX.com exchange were “effectively paused.” All of this led to significant swings in the crypto market throughout the day on Tuesday, and both Kraken and Coinbase reported connection problems and “delays” during the day.
All of the top ten crypto exchanges saw significant triple-digit increases in terms of 24-hour trading volume. The world’s largest exchange by trading volume, Binance, saw $46.92 billion in global trading volume in the past 24 hours. Binance’s exchange volume has jumped 176.75% higher in the last 24 hours. Of the top ten exchanges, Coinbase’s trading volume had the lowest increase on Tuesday, but it still experienced a 126.70% increase in 24 hours.
Coinbase’s trading volume represented the second largest volume on Tuesday at $5.02 billion, which was followed by FTX’s $4.95 billion. Binance, Coinbase and FTX were followed by Kraken ($1.80B) and Binance US ($1.44B).
The top five exchanges by global trading volume recorded $60.13 billion in trading volume out of the whopping $201.62 billion in global trading volume recorded on each exchange worldwide. Binance US was followed by Kucoin, Huobi Global, Bitfinex, Gemini and Bitstamp respectively in terms of 24-hour trading volume.
Last Wednesday, November 2, 2022, the global trade volume was not as high as the statistics show on November 8, 2022, when global trades worth $71.22 billion were recorded. The total global trade volume of $201.62 billion recorded on November 8 is 183% higher than last Wednesday. In addition, have stablecoin tether (USDT) took $128.90 billion of Tuesday’s $201.62 billion in global trading volume.
Just last week, instead of the triple-digit volume increases seen on November 8, all ten of the largest crypto exchanges were down double-digits, in terms of 24-hour trading volume. Binance’s exchange volume on November 2nd was down 17.10% that day and received $14.19 billion, as opposed to the $46.92 billion recorded on Tuesday, November 8th.
What do you think about the crypto market rout and trading volume that took place on November 8? Let us know what you think about this topic in the comments section below.
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