Changpeng Zaho, the CEO and founder of the cryptocurrency exchange Binance, said that his wish is becoming reality. In a recent tweet uploaded by Mr. Zhao, he said that finally, volatility is going in the right direction. Volatility in the digital currency market fell during 2018 as crypto prices dropped more than 80% since their all-time highs.
Binance Could Receive New Customers
The comments made by Changpeng Zhao were related to Bitcoin’s (BTC) price surge in the last hours. The most popular digital asset in the market broke above $4,000 and reached almost $4,100 24 hours ago. Not only Bitcoin experienced an important price increase but also many other digital assets followed.
Finally, wish came true, volatility in the right direction.
— CZ Binance (@cz_binance) January 7, 2019
Changpeng Zhao, the CEO of the largest digital currency exchange in terms of trading volume, is very happy about the increased volatility. When prices fluctuate, day traders are able to perform better trades and profit from market price variations. As more individuals trade, Binance also sees its revenue increase from trading fees.
Volatility in the crypto space reached the lowest point in 2018 back in November. After Bitcoin Cash’s (BCH) hard fork on November 15, volatility increased and digital assets’ prices dropped to new lows this year. Since that moment, Bitcoin recovered around 20% of its value.
At the same time, Changpeng Zhao said that they are prepared to receive new users from the Bitfinex and Ethfinex maintenance. Bitfinex and Ethfinex had scheduled a maintenance exchange downtime. The downtime could take between three to seven hours, approximately.
Bitfinex explained that the intention is to complete the last part of their data migration to dedicated bare-metal servers. This would allow the crypto exchange to offer enhanced speed, security and performance. There were some reports that predicted increased volatility during the downtime period. Nevertheless, the effect in the market was limited.
Binance is currently the second largest cryptocurrency exchange, with a trading volume of $641 million in the last 24 hours. The most popular trading pairs during that period of time were BTC/USDT, ETH/USDT and ETH/BTC, accounting for 35% of the total trading volume in the platform.
At the time of writing this article, Bitcoin is being traded around $4,025 and it has a market capitalization of $70.33 billion, as reported by CoinMarketCap.