Bitcoin (BTC) Trading Volume on Bitfinex Goes Ballistic: See These Numbers

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Fri, 01/08/2021 - 14:00
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Vladislav Sopov
Paolo Ardoino, CTO of Bitfinex and Tether, announced that his exchange processed massive amount of money in last 24 hours
Bitcoin (BTC) Trading Volume on Bitfinex Goes Ballistic: See These Numbers
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Paolo Ardoino, chief technology officer of cryptocurrency exchange Bitfinex and stablecoin issuer Tether Limited, shared trading volume statistics witnessed by his platform in the last 24 hours. When Coinbase and Binance went offline, Bitfinex processed the trades as usual.

$1,000,000,000 in 24 hours on Bitfinex

In his celebratory tweet, Mr. Ardoino shared that multi-purpose crypto ecosystem Bitfinex processed a huge trading volume in the last 24 hours. Bitfinex witnessed 10-digit figures for a single pairnamely, Bitcoin against U.S. Dollar (USD).

$1,000,000,000 processed by Bitfinex in last 24 hours
Image via Twitter

This spike of activity coincided with the ballistic rally of the king coin. After a series of double-digit daily gains, it is changing hands at $41,700 for the first time in its history today.

During the period mentioned by Mr. Ardoino, the orange coin added more than six percent to surge from $38,976 to $40,600.

Record-breaking price moves resulted in a spike in trading volume across all exchanges for all crypto-to-crypto and crypto-to-fiat pairs. Yesterday, it broke above $185 billion in 24 hours for the first time ever.

Bitcoin insanity stress tests crypto exchanges

Meanwhile, today crypto trading volume is going to surpass its previous high as it inches closer to $200 billion.

Due to increased traffic caused by rapid prive moves, some exchanges experienced delays in access to trading engines: crypto traders have reported issues with Binance, Coinbase and other exchanges.

Related Bitcoin Trading in the Red After Erasing $4K in Minutes
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Bitcoin Trading in the Red After Erasing $4K in Minutes

As covered by U.Today previously, Bitcoin's (BTC) price flash-crashed to $36,000 on some exchanges as a "sell wall" of $40,000 was erased by aggressive bulls.

The BTC/USD trading pair on Bitfinex is the ninth most active for Bitcoin markets, according to independent analytical resource CoinGecko.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)