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Binance Futures breaks new record

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Today, Binance reported that Binance Futures breaks a new record by setting a new all-time high with more than $ 10 billion in volume in a 24-hour period.

He never tires of breaking records

Binance is known for the number of services it offers and for succeeding in each of them, defending its title from the world’s largest exchange. The crypto exchange has worked hard to earn the trust and loyalty of its users by providing an excellent service.

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 drop in Bitcoin and crypto market prices meant doom or salvation for many.

A well-known saying is: “In the midst of difficulty lies opportunity.” And, it seems that, Binance knew how to recognize the opportunities in the midst of the COVID-19 crisis.

Binance Futures on the 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, a crypto exchange that received a heavy blow on Black Thursday.

The BitMEX futures market launched in 2014, being the first of its kind in the crypto market. Consequently, the platform quickly positioned itself as a leader in the Bitcoin futures market. However, lately it has lost parts of its market share.

In particular, it appears that Black Thursday marked the end of BitMEX as the market leader. In fact, a report by Coin Metrics seems to assure that, since that day, BitMEX’s loss of participation has been won by Binance Futures.

“Remarkably, since the collapse there has been a reorganization of major crypto asset futures markets with BitMEX losing part 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.

Break new record

Binance Futures breaks new record by setting a new all-time high with over $ 10 billion in volume in a 24 hour period.

According to the Binance statement, the increase in volume came after Bitcoin broke the key $ 9,000 level as the most anticipated Halving of the year approaches.

Graph offered by Binance in the statement.
Graph offered by Binance in the statement.

It also ensures that, after 9 months since its launch, Binance Futures has managed to become the largest crypto derivatives trading center.

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 sense, in the statement they claimed to have improved their user protection mechanism by injecting additional capital into Binance Futures insurance funds. Therefore, the funds that received a capital injection were: BTCUSDT and ETHUSDT.



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