All News Bitcoin Economics

The Largest Cryptocurrency Exchange in the World is Expanding Despite the Drop of the Prices

Binance, the world’s largest cryptocurrency exchange, continues with its explosive growth, despite this week’s drop of the prices on the cryptocurrency market. The exchange received 240,000 new users in just one hour eight days ago, breaking all the previous growth records.

The expansion of Binance is continuing this week as well, despite the negative comments about the cryptocurrency world coming from some influencers and the drop of the prices on the market.

Warren Buffett gave some pessimistic statements about the cryptocurrency market and the Executive Director of Binance, Zhao Changpeng, responded in an interview to Bloomberg: “Warren Buffett is a man I really respect from the investment point of view. But I think he does not understand the cryptocurrencies at all. It is how it is. I still respect him in other fields of his expertise. But I think he is making a big mistake when it comes to the cryptocurrencies.”

Chanhpeng himself is surprised by the large growth of Binance, saying the company had not expected such explosive growth and record-breaking numbers. The exchange had a volume of around five billion dollars in 24 hours.

Binance temporarily suspended new registrations last week during an update whose objective was to allow higher trading volumes. Afterwards, new users could register, but the number of new accounts was limited.

Other experts from the crypto community see the success of Binance as a general sign of the market growth and the increased adoption of the cryptocurrencies. Gregory Van den Bergh, the CEO of MiCai, a wealth management company based on the blockchain technology, said: “We are just in the early stage of the cryptocurrency adoption. Binance and other crypto exchanges are still used by pioneers of the cryptocurrency adoption. The next phase of adoption will come from a money supply worth 30 trillion dollars, currently owned by the richest people in the world.”

However, bitcoin continues trading with lower prices. The current price of the world’s most popular cryptocurrency is around 11,000 dollars per coin.

Leave a Reply

Your email address will not be published. Required fields are marked *