Crypto death spiral? Binance’s 2022 volumes are the same as 2021’s $34 trillion

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Binance cryptocurrency exchange: 2022 volumes so far similar to 2021’s $34 trillion

Are we in a crypto death spiral? Not likely; recovery and volumes show otherwise.

Bitcoin and Ether, the two indicators of the crypto market, recovered early on Sunday after recently breaking through several closely watched price levels.

Indeed, Bitcoin has plunged to its lowest since late 2020 as evidence of worsening tensions within the crypto industry continues to mount amid monetary tightening.

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Data from Bloomberg showed the largest digital token by market value fell 15% to $17,599 on Saturday, marking a record 12th consecutive daily decline.

But this is still only the biggest drop since Monday. The currency recouped some of those losses and last traded at $19,075 early Sunday.

Ether fell 19% to $881, the lowest since January 2021, before climbing 11% to $1,005 on Sunday morning. Both are down more than 70% from all-time highs set in early November.

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Reuters reported on Thursday that one of the top cryptocurrency exchanges, Binance’s volume according to the company’s CEO, was more or less the same this year compared to 2021.

Binance CEO Changpeng Zhao said on Thursday that the exchange’s volumes so far in 2022 were similar to the $34 trillion it had in 2021, according to a Reuters report.

“So far this year, we’re pretty much on the same level,” he told the VivaTech conference in Paris, adding that Binance traded around $120 billion on June 15.

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Binance France is seeking an official license from the French market regulator to open a regional headquarters in France.

“The wine is excellent, the food is excellent…Paris is my base,” Zhao added during the conference.

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