Today, Binance reported that Binance Futures is breaking a new record by setting a new all-time high of over $10 billion in volume in a 24-hour period.
Binance Futures is one of the best platforms for cryptos derivatives
He can’t get enough of breaking records
Binance is known for the amount of services it offers and for succeeding in each of them, defending its title of the largest exchange in the world. The crypto exchange has worked hard to gain the trust and loyalty of its users by providing a service of excellence.
A few months ago, the crypto industry was subjected to what seemed like a „stress test“ on the day known as Black Thursday. The precipitous fall in Bitcoin’s prices and the crypto market meant doom or salvation for many.
A well-known saying is: „In the midst of difficulty lies opportunity. And, it seems, Binance knew how to recognize opportunities in the middle of the COVID-19 crisis.
Bitcoin supplies at BitMEX are drastically reduced
Binance Futures on its way to the top
The Binance Futures platform recognized how to deal with the crisis. Since its launch a few months ago, the platform has gained ground in the crypto-futures market.
However, while one gains ground, others lose it. This is precisely what has happened with BitMEX, the crypto exchange that was hit hard by Black Thursday.
The BitMEX futures market was launched in 2014, being the first of its kind in the Ethereum Code, The News Spy, Bitcoin Machine, Bitcoin Code, Bitcoin Champion crypto market. Consequently, the platform quickly positioned itself as the leader in the Bitcoin futures market. However, lately it has lost parts of its market share.
In particular, it seems that Black Thursday marked the end of BitMEX as the leader of its market. In fact, a report by Coin Metrics seems to assure that, since that day, the loss of BitMEX share has been gained by Binance Futures.
„Remarkably, since the collapse there has been a reorganization of the main crypto active futures markets with BitMEX losing some of its market share to Binance,“ reads the Coin Metrics report.
In this way, Coin Metrics points out that Binance has been the most benefited by the dethronement of the former king.
Breaking a new record
Binance Futures breaks a new record by setting a new all-time high of over $10 billion in volume in a 24-hour period.
According to the Binance statement, the volume increase came after Bitcoin broke the key $9,000 level while approaching the most anticipated Halving of the year.
How do you analyze Bitcoin option pricing at Binance?
Graph provided by Binance in the release.
Graph provided by Binance in the press release.
It is also stated that, after 9 months since its launch, Binance Futures has managed to become the largest trading center for crypto derivatives.
An important aspect is that Binance has managed to go far thanks to the work they have done to gain and maintain the trust of their crypto users.
In this regard, in the statement they claimed to have improved their user protection mechanism by injecting additional capital into the Binance Futures insurance funds. Therefore, the funds that received a capital injection were: BTCUSDT and ETHUSDT.