Crypto Market Rout Fuels Global Exchange Volumes — Kraken, Coinbase Report Connectivity and Latency Delays
Amid the market carnage on Tuesday, Nov. 8, the top ten cryptocurrency exchanges have seen trade volumes soar. During the 24-hour period on Tuesday, the top five exchanges alone recorded more than $60 billion in trade volume. Out of the top ten crypto exchanges by trade volume, exchanges saw increases between 126% to 305% during the past day. While the exchange volumes soared, the trading platforms Coinbase and Kraken reported the exchanges suffered from connectivity problems.
Tuesday’s Crypto Exchange Volume Jumps 183% Higher Than Last Week, Top 5 Exchanges Record More Than $60 Billion in 24-Hour Trade Volume
During the last few days, the speculation surrounding FTX led to Binance’s CEO Changpeng Zhao (CZ) telling the public his company plans to acquire FTX. More reports followed the acquisition announcement, as one account said FTX was actively “canvassing deep pockets in Silicon Valley and Wall St” on Tuesday morning.
Another report noted that FTX CEO Sam Bankman-Fried reportedly told staff members that withdrawals on the exchange FTX.com were “effectively paused.” All of this led to significant crypto market fluctuations throughout the day on Tuesday, and both Kraken and Coinbase reported connectivity problems and “latency delays” during the day.
All ten of the top crypto exchanges saw significant triple-digit increases in terms of 24-hour trade volume. The world’s largest exchange by trade volume, Binance, saw $46.92 billion in global trade volume during the past day. Binance’s exchange volume has jumped 176.75% higher during the last 24 hours. Out of the top ten exchanges, Coinbase’s trade volume saw the lowest rise on Tuesday but it still experienced a 126.70% increase in 24 hours.
Coinbase’s trade volume represented the second largest volume on Tuesday with $5.02 billion, which was followed by FTX’s $4.95 billion. Binance, Coinbase, and FTX were followed by Kraken ($1.80B) and Binance US ($1.44B).
The top five exchanges by global trade volume recorded $60.13 billion in trade volume out of the whopping $201.62 billion in global trade volume recorded on every exchange worldwide. Binance US was followed by Kucoin, Huobi Global, Bitfinex, Gemini, and Bitstamp respectively, in terms of 24-hour trade volume.
Last Wednesday, Nov. 2, 2022, global trade volume was not as high as stats show on Nov. 8, 2022, as $71.22 billion worth of global trades were recorded. The aggregate $201.62 billion in global trade volume recorded on Nov. 8 is 183% higher than it was last Wednesday. Additionally, the stablecoin tether (USDT) captured $128.90 billion out of Tuesday’s $201.62 billion in global trade volume.
Just last week, rather than the triple-digit volume increases seen on Nov. 8, all ten of the largest crypto exchanges were down double digits, in terms of 24-hour trade volume. Binance’s exchange volume on Nov. 2, was down 17.10% that day and it saw $14.19 billion, in contrast to the $46.92 billion recorded on Tuesday, Nov. 8.
What do you think about the crypto market rout and the exchange volume that took place on Nov. 8? Let us know what you think about this subject in the comments section below.