Coinspeaker Bybit Hits $100 Billion in Daily Trading Volume
Bybit has announced a major achievement, surpassing $107 billion in daily trading volume earlier this week. This new record is four times higher than its typical daily volume of $25 billion, confirming Bybit’s leading position in the global crypto market.
The increase in trading volume has been fueled by strong activity in various products such as perpetuals, futures, spot, and options. Bybit credits this growth to its solid platform infrastructure and its dedication to providing an outstanding trading experience.
With the marked rise in trading volume, Bybit has upgraded its trading system to handle a higher Trading Per Second (TPS) capacity, increasing it to 800,000 from 500,000. This enhancement reflects Bybit’s focus on maintaining a high-performance and stable trading environment to meet customer demands.
Launch of Pre-Market Perpetuals
Alongside its recent achievement, Bybit has launched a new offering called Pre-Market Perpetuals. This feature enables traders to interact with upcoming tokens before they officially become available. Users can place orders with up to 5x leverage, giving them early access to new contracts and helping manage potential price changes at launch.
When the token becomes available, orders are executed at the opening price, and positions are automatically moved to the new contract. Pre-Market Perpetuals help traders manage risk more effectively. For those who short-sell or trade spot positions before the official listing, these contracts help reduce potential losses and protect investments, making it easier to secure possible gains.
Regulatory Challenges around the World
Despite these successes, Bybit is facing regulatory challenges, especially in Europe. On August 1, 2024, the exchange announced it will stop operations in France due to new regulatory requirements. Since August 2, French users have been limited to withdrawals only. All open positions are set to be liquidated by August 13.
This decision comes in response to increased scrutiny from French regulators and the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation. Bybit plans to return to the French market after obtaining the necessary licenses.
The exchange has also encountered regulatory hurdles in other regions, such as Canada and the United Kingdom, leading to its withdrawal from those markets due to stricter regulations.
Bybit’s Global Market Footprint
Bybit continues to be a key player in the cryptocurrency exchange market, ranking as the second-largest exchange globally by trading volume, a position it ascended to after the FTX collapse. Since its launch in 2018, the platform has offered various trading options, including futures, perpetuals, spot trading, and options.
The platform serves over 39 million users worldwide and offers support in multiple languages. It prioritizes security with measures like triple-layer asset protection and strict privacy protocols. Additionally, Bybit provides 24/7 customer support, a feature that has garnered significant acclaim from its user community.
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Bybit Hits $100 Billion in Daily Trading Volume