Crypto trading volumes increased significantly

In the last 24 hours, crypto trading volumes on all platforms have increased significantly. The situation is mainly due to the negative evolution of prices in the crypto market.

CoinMarketCap reports the record volume of $ 20 billion on the crypto derivatives market.

The Bitfinex platform exceeded $ 1.9 billion in 24-hour transactions. The exchange’s CTO, Paolo Ardoino, posted on Twitter a screenshot of CoinMarketCap when it had exceeded one billion. Meanwhile, the volume of transactions has almost doubled.

Hello #bitfinex pic.twitter.com/A5qxCD1S2G

– Paolo Ardoino (@paoloardoino) March 12, 2020

According to reports, the BTC / USD pair increased transaction volume by 43% on Bitfinex.

In the same time frame, Binance exceeded $ 10 billion in trading volumes, largely due to BTC / USDT pair derivatives. On this platform, the BTC / USDT pair registered a 42% increase in volume.

Technical problems on Huobi and Bithumb

Huobi and Bithumb, two of Asia’s leading crypto exchanges, were paralyzed during the day. Both platforms announced that they were overwhelmed by traffic during the price drop.

As prices began to fall, Huobi was flooded with thousands of visits to their site. The servers could not cope, causing technical problems. Users have been notified that the Huobi application and the global Huobi website are experiencing problems.

In the meantime, the problem has been solved and the platform is operating at normal parameters today.
The same situation happened on Bithumb, another Korean popular exchange. Here, issues affected Ethereum and ERC-20 token deposits and withdrawals from their platform.

Representatives of the company mentioned similar congestion problems caused by the market crash. After a few hours, the situation was remedied, according to the official announcement.

Crypto trading volumes have affected ETH and BTC networks

The large number of transactions affected the Ethereum network, which became congested. The gas price increased and delays of up to 44 minutes were recorded for the first confirmation.

This demonstrates once again the need to implement the upgrades and upgrade to the new consensus algorithm.

Also, Bitcoin suffered a high congestion, and commissions increased, causing delays in confirming transactions.