Bybit’s trading volume near all-time high ahead of Bitcoin halving
“Now, we’re seeing large inflows and smart money is moving fast. With the Bitcoin halving just around the corner, Bitcoin is proving itself as an institutional asset, a hedge against economic uncertainty, and a vote for financial freedom.”
Bybit has just reported a crypto trading volume of $71.5 billion recorded on February 28, which is getting closer to the exchange’s all-time high of $77 billion daily trading volume set during the 2021 cryptocurrency bull run.
The crypto exchange also registered a futures volume of $62.6 billion and a record-breaking $8.7 billion in spot trading volume, with options trading comprising the remainder.
Established in 2018, Bybit serves over 20 million users and ranks among the top three cryptocurrency exchanges by volume.
“Bitcoin is proving itself as an institutional asset”
Ben Zhou, co-founder and CEO of Bybit, said: “We at the Crypto Ark are on a mission to make this new asset class as widely available as possible through our intuitive platform. Now, we’re seeing large inflows and smart money is moving fast. With the Bitcoin halving just around the corner, Bitcoin is proving itself as an institutional asset, a hedge against economic uncertainty, and a vote for financial freedom.”
The next Bitcoin halving is projected to occur in April 2024, reducing the mining reward from the current 6.25 bitcoins per block to 3.125 bitcoins. This event is part of the Bitcoin protocol designed to reduce the rate at which new bitcoins are generated by the network, thus ensuring the cryptocurrency’s supply remains finite and inflation is kept under control. Historically, Bitcoin halvings have been associated with significant price movements, both in anticipation of and following the event.
Looking at past halving events, there has been a noticeable trend where the price of Bitcoin increased significantly after each halving. For instance, after the first halving in 2012, the price rose from about $12 to approximately $1,170. Similarly, subsequent halvings in 2016 and 2020 were followed by substantial price rallies, with prices reaching around $19,400 and $67,450, respectively. These patterns suggest that halving events can significantly impact Bitcoin’s price due to the reduced supply of new bitcoins entering the market, thus potentially increasing demand.
However, it’s important to note that while historical data shows a positive correlation between halving events and price increases, the cryptocurrency market is influenced by a wide range of factors, and past performance is not necessarily indicative of future results.
Bybit integrates with TradingView
This week, the crypto exchange integrated with TradingView, the leading charting platform and social network for traders and investors, boasting over 50 million users worldwide.
With this integration, Bybit users can now access an array of Spot and Futures symbols directly on their TradingView charts, including major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as rising tokens such as SEI and CYBER. This move eliminates the inconvenience of toggling between platforms, offering a seamless and efficient trading journey within a single interface.
This integration simplifies the trading process by allowing direct trading on Bybit via existing TradingView accounts. This is facilitated through the newly introduced Bybit Broker Profile page on TradingView.
