According to Binance CEO and co-founder Changpeng Zhao, the Bitcoin market is now in full ‘FOMO mode.’ This is a somewhat typical market behavior, as Bitcoin’s third halving is just around the corner.
Zhao said fear of missing out (FOMO) had kicked in as he posted a screenshot on Twitter, which showed Binance’s 24-hour crypto volume. The screenshot revealed that Binance had pulled in a $15.9 billion volume at the time Zhao made the post. A few hours before, Zhao had posted another screenshot, showing that the exchange had a $12.6 billion 24-hour volume.
The Bitcoin community is currently anticipating the halving event, and many people are now HODLing. With prices expected to rise significantly as the event draws nearer and even shortly after, Binance might see a higher increase in its 24-hour volume. At the moment, CoinMarketCap data shows that Binance has now hit $16.6 billion in 24 hours, representing a climb of almost 127%. This is way higher than BKEX’s $9.99 billion, representing a 99.27% increase, in the second position.
The current $16.6 billion is a record high, nearly $7 billion higher than the $11 billion high Zhao announced yesterday.
Bitcoin is currently trading at $8,866, increasing 5.85% over the last 24 hours. Yesterday, when it cracked the $8,000 mark, it was widely suggested that $8,200 and $8,500 were the next significant levels to be scaled.
Now that Bitcoin is well on its way to $9,000, Zhao’s opinion that the market is now fully in FOMO mode seems apt. Although he did not specifically reference the halving, the event is most probably the primary reason for the climb.
Commendably, Binance has been able to keep its platform performing seamlessly, even as it repeatedly breaks its own trading volume records. However, Coinbase was not so lucky. According to a tweet from Morgan Creek Digital co-founder and partner Anthony Pompliano, Coinbase crashed as Bitcoin surged.