Changpeng Zhao, Binance’s CEO, said that throughout 2022, the exchange’s turnover has been similar to the $34 trillion it had in 2021.
Are we on the verge of a crypto-death spiral? Recovery and volume indicate that this is not the case.
After recently exceeding numerous closely watched price milestones, Bitcoins and Ethereum, both two bellwethers of a cryptocurrency world, have rebounded early on Sunday.
Indeed, Binance has dropped to its lowest level since late 2020, as evidence of escalating stress in the cryptocurrency market. It continues to mount against even a background of tight monetary policy.
According to Bloomberg data, the largest digital coin by market capitalization fell as much as 15% to $17,599 on Saturday, marking the 12th straight daily fall.
However, this is only the largest loss since Monday. The currency has regained some of its losses and is currently trading at $19,075 as of early Sunday.
Ether dropped as low as $881 on Saturday, the worst since Jan 2021, before rising 11% to $1,005 on Sunday morning. Each have lost more than 70% of their value since their all-time peaks in early November.
Binance with Stable Growth
According to a Reuters article, Binance’s CEO, Changpeng Zhao, said on Thursday. The exchange’s volumes so far in 2022 are comparable to the $34 trillion it had in 2021.
“We’re approximately the same so far this year,” he said at the VivaTech summit in Paris, adding that even on June 15, Binance traded over $120 billion.
At the meeting, Mr Zhao continued, “The wine is wonderful, the food is great, and Paris is my base.”