Binance BTC Futures daily traded volume drops by over 35% from its all-time high trades
Binance bitcoin futures recorded the highest trading volume since its launch on Oct. 15.
The daily traded volume of Binance futures currently stands at $499million USD, representing 39% plummeting from the ATH volumes.
Binance Coin (BNB) drops over 50% since all-time high price of $38 USD.
Binance trading volume tops $800 million USD
The month-old Binance BTC Futures are breaking all kind of records when it comes to crypto derivatives trading. This follows an excellent start to the month of October in which the volume of futures traded exceeded the spot trading volume, daily traded volume broke the $800 million barrier placing the asset class second, only behind BitMex in the daily traded volume rankings, and also the exchange’s latest BNB coin burn.
Source: Skew Markets
Despite the high volumes recorded, Binance only offers 20X leverage on its trading products, substantially low compared to its rival, BitMex’s 100X leverage.
A 30% drop in volume of futures
However, since reaching its peak, the daily volume of BTC futures has dropped by 30% in the past 48 hours, with a total of $499 million USD worth of futures traded today. BitMex leads the volume ranking with a total of $1.49 billion USD worth of trades with Huobi exchange recording a total of $890 million USD worth of BTC futures trades.
Source: Skew Markets
Binance just edges out CoinFlex on the third spot with $499 million USD worth of BTC futures trades in the past 24 hours with the latter recording $491 million USD worth of trades.
Binance coin price slows down in Q3
Binance coin (BNB) has experienced over 300% increase in price since January’s price of $6 USD per BNB token. However, during the third quarter of the year, the price experienced a sharp reversal in price from an all-time high price of $38 USD to a current price of $17.76 USD, representing over 53% decrease in price.
The fall of BNB prices comes amidst shock from Binance CEO, Changpeng Zhao, who believes the platform grew sufficiently in Q3 to prevent the plummeting of price. CZ Binance released a thread of tweets to his followers highlighting the exchange’s achievements in the past few days.
CZ Binance responds to criticisms on the fall of BNB price across Q3 (Source: Twitter )
In the last 24 hours or so:
– Reduced supply of $BNB by 2,061,888 (roughly $36m USD) – Cumulative revenue as (calculated by @lawmaster ) hits $1b (and we didn't even know it). – Bermuda Government accepts $BUSD for paying taxes – LaunchPad @kava_labs 1/2 https://t.co/QeGheova76
— CZ Binance (@cz_binance) October 17, 2019
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