Binance trading volume skyrockets to nearly $ 16 billion. Many doubt the veracity
The exchange recorded a record trading volume in 24 hours.
Users believe the exchange is manipulating data.
The record was last set back in January 2018, when Bitcoin soared to $ 20,000.
International consortium of news organizations developing transparency standards.
With Bitcoin’s recent short-term growth of more than $ 1,000, Binance has recorded record trading volumes.
Binance cryptocurrency exchange experienced record trading volume amid a sharp rise in the price of bitcoin. According to the statement of the head of the crypto exchange Changpeng Zhao, the exchange recorded trading volumes totaling $ 15.9 billion.
The last time the exchange approached a similar level was in January 2018, almost immediately after Bitcoin soared to its highest level of $ 20,000. Then the exchange registered trades worth $ 11 billion..
However, not everyone agrees with Zhao’s statement. Many believe that the exchange manipulates the trading volume in order to attract new customers..
“… how much of this [trading volume] is organic, and how many manipulative, for example, flushing trade, dumps, etc.?!?”, Wrote a user with the nickname justice.
The recent explosive growth has already taken its toll on the health of another cryptocurrency exchange, Coinbase. Due to the abnormal price surge, exchange users began to experience interruptions in access to the exchange.
And while Coinbase was able to regain access within a few hours, some users reminded that the exchange crashes whenever Bitcoin experiences sharp volatility..
It is possible that the growth of bitcoin will be replaced by the same lightning-fast fall. According to Timothy Peterson, Chartered Financial Analyst at Cane Island Alternative Advisors, there have only been 13 cases in bitcoin history where bitcoin rallied more than $ 1,000 in 24 hours..
After a sharp rise, the price, as usual, fell in the following days, weeks and even months..
The bursts in trading volume follow the lows of many crypto exchanges in the last month of 2019. Then, according to the analytical service CryptoCompare, the total trading volume on exchanges fell by 26.26%.
What do you think? Is trading volume on Binance artificially inflated? Share your thoughts with us in the comments.
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