Binance and FTX have led the way in the Bitcoin Futures recently, and the numbers show it. Officials from both organizations have claimed that they will continue to focus on updates even though the crypto market has seen red of late.
Bitcoin and its movement in the cryptocurrency market have stirred the community into thinking that a new price change was incoming soon. During these turbulent times, Skew markets spotted that during the final quarter of 2019, the volume of Bitcoin futures on Binance and FTX had exceeded the $1 billion barrier on a regular basis.
According to the data aggregator, the combined volume total on both of the exchanges was surprising because it trumped its compatriots by leaps and bounds. Binance had a clear upper hand on the charts as its volume had even crossed the $3 billion mark at the start of November.
Post the record-breaking trading day; the volume had gradually gone down thanks to the onset of the crushing bear market. Despite this downturn, Binance had witnessed a $2.8 billion trade day in December, after which it quickly fell to the $1 billion range.
At the same time, exchanges like bitFlyer, BitMEX, and CME all saw falls in daily trade as Bitcoin fell below the $7000 point. FTX has been consistent in its trade volumes since September of this year and had record trades occurring on the platform the same month. The record for the most critical trade day in 4 months on FTX was clocked below the $1 billion mark at around $900 million.
Binance and FTX have been at the top of the Bitcoin futures game for some time now, and sources have also revealed that the Changpeng Zhao led cryptocurrency exchange had invested an undisclosed amount of capital into the latter. FTX founder and chief executive Sam Bankman-Fried had said:
“The investment will help accelerate the growth of FTX with support and strategic advisory from Binance while FTX maintains its independent operations.”
Even Binance honcho CZ gave his two cents on the investment by stating:
“The FTX team has built an innovative crypto trading platform with stunning growth, We see quite a bit of ourselves in the FTX team and believe in their potential in becoming a major player in the crypto derivatives markets.”
The recent developments happened at a time when Bitcoin was just recovering from a weekly price fall. After several naysayers claimed that Bitcoin was showing its true colors when it fell to approx. $6900, the world’s largest cryptocurrency bounced back strongly to currently trade at $7226. The digital asset had a market cap of $130.892 billion, with a 24-hour market volume of $22.373 billion.
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