Binance CEO Gives the Crypto Industry A Clean Bill of Health, Said No One Knows Actual Market Value

Binance CEO Gives the Crypto Industry A Clean Bill of Health, Said No One Knows Actual Market Value

The cryptocurrency over-the-counter (OTC) market might be larger than the reported volumes. Data from CoinMarketCap, a prominent cryptocurrency market information provider has been called to question by Changpeng Zhao the CEO of Binance. 

“I believe that the OTC market is at least as expansive as the online detailed volumes, and there’s more than 50% of the real amount of volumes not accounted for on CoinMarketCap. Yet, we’re not heavy into that business, so we don’t have the foggiest idea about the real volumes,”

CZ said in a meeting with CNBC’s “Crypto Trader”.

As indicated by CoinMarketCap, the 24 hour trading volume for the top 5 cryptocurrencies remains at nearly $7 billion 

Supporting CZ’s announcement, an April 2018 report by the Tabb Group, the worldwide research and counseling firm centered focused on capital markets, proposes that OTC tradining recorded a daily volume of USD 12 billion worth of BTC prior this year. In the meantime, over USD 5.1 billion of online trading was reported by CoinMarketCap. 

CZ positively responded to the decreasing trading volume on Binance, insisting that

”Business goes okay” in spite of the drop. As it stands, they now just have a tenth of January’s trading volume. However, Binance is trading “tremendous volumes” ($521 million in the previous 24 hours) contrasted with a couple of years back,”

the CEO said. 

“At the point when there’s no development in value, individuals will trade less, which is kind of reasonable,”

CZ expressed.

“The volume here is currently extraordinary, and there have dependably been many trades in our space or even a huge number of trades.” 

As indicated by CZ, the exchange has increasingly signed up new clients and its holding is expanding relentlessly. 

“A peek at our core wallets, shows an increase in the amount of BTC we hold, increased amount of people depositing Bitcoins to our exchange, and same goes for all the cryptocurrencies  we hold,”

he said. 

CZ included that the increasing deposits made to Binance is a “good sign,” showing overall health of the crypto industry.

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Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

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