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11 Billion: 24-Hour Cryptocurrency Trading Volume Hits Fresh Record

Cryptocurrency trading volume reached a fresh milestone on Friday, crossing $11 billion for the very first time amid regulatory uncertainty te China.

Crypto Markets Postbode Record Volume

According to gegevens obtained from CoinMarketCap, the combined 24-hour trading volume of all cryptocurrencies rose to $11.Five billion shortly after 16:00 UTC. The only other time daily trading volume has surpassed $Ten billion wasgoed on August Nineteen, when it shortly spiked to $Ten.Five billion.

Cryptocurrency Trading Volume & Market Cap Chart from CoinMarketCap

Bitcoin topped the charts with $Four.Two billion te volume, while ethereum and litecoin posted $1.9 billion and $1.Five billion, respectively. Ter all, Ten different currencies posted volume greater than $100 million.

Chart from CoinMarketCap

Bithumb and Bitfinex each treated about $1.Five billion ter trades while Chinese bitcoin exchange OKCoin accounted for $750 million. Altogether, at least seven exchanges, including GDAX, Bittrex, Poloniex, and Huobi surpassed the $500 million mark (Volume had tapered off a bit by the time of writing, so it is possible Losbreken and Coinone crossed $500 million earlier te the day).

Friday’s trading volume surge wasgoed caused by market volatility stemming from China’s crackdown on bitcoin exchanges. Yesterday, the markets crashed following reports that a bitcoin exchange kerkban wasgoed “certain” and BTCC’s subsequent announcement that it would shut down all trading services at the end of September. The markets continued to plunge Friday morning spil Huobi and OKCoin were rumored to be meeting with regulators and two smaller exchanges-Yunbi and ViaBTC-also announced September closures.

However, zometeen te the day OKCoin and Huobi issued mededinger statements that suggested they might proceed providing cryptocurrency-to-cryptocurrency trading services. Both exchanges announced that they would close CNY trading pairs on October 31, but-unlike BTCC, Yunbi, and ViaBTC-they did not announce the suspension of “all trading.” Moreover, they indicated that they “expect to proceed to provide Chinese users with [compliant] digital asset services.”

Thesis announcements led to an instantaneous rally, and trading volume soared to a record level spil the markets climbed back to $120 billion after dipping below $100 billion earlier te the day.

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