Bitfinex processed $1,000,000,000 in the last 24 hours when Bitcoin price changing hands at $41.900 for the first time
Not long ago, Bitcoin price reached $ 41,899, up more than 8% in the past 24 hours, recording a gain of more than 40% in the past seven days. Furthermore, the Bitfinex exchange has processed a massive amount of money over the past 24 hours, amounting to $ 1,000,000,000.
Bitfinex processed a massive amount of money in the last 24 hours, Bitcoin price changing hands at $41,900
When Coinbase and Binance were offline, Bitfinex processed the transactions as usual, according to Paolo Ardoino, CTO of Bitfinex and Tether. up to $ 1,000,000,000 USD in 24 hours.
1B+ BTC/USD volume in last 24h on @bitfinex
— Paolo Ardoino (@paoloardoino) January 8, 2021
Ardoino shares that the multi-purpose crypto ecosystem Bitfinex processed a huge trading volume in the last 24 hours. Bitfinex witnessed 10-digit figures for a single pair — namely, Bitcoin against U.S. Dollar.
This spike in activity coincided with a ballistic rally of the king’s coin. After a daily series of double-digit gains, it is swapping hands at $ 41,700 for the first time in its history today.
BTC/USD 4-hour chart | Source: TradingView
Record-breaking price moves resulted in a spike in trading volume across all exchanges across all crypto-cryptocurrency and crypto-fiat pairs. Yesterday, it crossed the $ 185 billion thresholds for the first time in 24 hours.
Meanwhile, the volume of crypto transactions today will surpass previous highs as it gets closer to $ 200 billion. Due to increased traffic due to rapid price moves, some exchanges have experienced delays in accessing trading tools: crypto traders have reported issues with Binance, Coinbase, and other exchanges.
The current Bitcoin rally has been linked to increased institutional interest in the leading cryptocurrency. Top institutions like Microstrategy, Square, Paypal, etc. have recently moved a huge part of their reserves to Bitcoin.
Positive institutional analysis of Bitcoin and the entire crypto space could have also helped with BTC’s steady price hike. Guggenheim, for one, predicted the Bitcoin price to rise as high as $400,000, while JPMorgan predicted a price rally to $146,000.
You can see the BTC price here.
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