Bybit Nears Record Trading Volume as Bitcoin Halving Approaches

Bybit recently disclosed a whopping $71.5 billion in crypto trading volume on February 28, nearing its historical peak of $77 billion in daily trades seen during 2021’s crypto market surge.

The exchange has also posted a futures volume of $62.6 billion alongside an unprecedented $8.7 billion in spot market trades, while the remainder was contributed by options trading activities.

Since its inception in 2018, Bybit has amassed a user base exceeding 20 million and is frequently listed among the world’s top three exchanges by trading volume.

“Bitcoin cements its status as an asset for the institutional investor”

Ben Zhou, Bybit’s co-founder and CEO, remarked: “Our endeavor at the Crypto Ark is to extend the reach of this novel asset class through our user-friendly platform. The current trend of substantial capital inflows and the quick action of shrewd investors is remarkable. With the Bitcoin halving on the immediate horizon, Bitcoin’s role as a preferred institutional asset, a bulwark against fiscal unpredictability, and an emblem of financial autonomy is solidifying.”

The upcoming Bitcoin halving, predicted for April 2024, will slash the mining reward from today’s 6.25 bitcoins per block to 3.125 bitcoins. This reduction event is a deliberate element of the Bitcoin protocol, designed to decelerate the pace at which new bitcoins are created by the network, thus securing a limited cryptocurrency supply and controlling inflation. Historically tied to notable price fluctuations, the halving is often anticipated and followed by market movement.

Examination of previous halving occasions reveals a distinct tendency for Bitcoin’s price to surge post-halving. For example, the value escalated from nearly $12 to about $1,170 following the inaugural halving in 2012. Subsequent halvings in 2016 and 2020 preceded impressive bull runs, with peak prices reaching in the vicinity of $19,400 and $67,450, respectively. The noticeable effects on Bitcoin’s market value due to these events are largely attributed to the diminished rate of new bitcoins being minted, potentially stirring higher demand.

Still, it should be noted that while past trends may hint at a correlation between halving milestones and price elevation, the cryptocurrency market is subject to a multitude of variables, and historical performance does not necessarily predict future outcomes.

Bybit integrates with TradingView

This week marks Bybit’s integration with TradingView, a premier charting solution and a vibrant social network for traders and investors globally, with a user community surpassing 50 million individuals.

With this integration, Bybit’s clientele can now pinpoint a variety of Spot and Futures symbols within their TradingView charts, encompassing major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), in addition to emerging tokens such as SEI and CYBER. Traders can now experience a streamlined and more efficient trading process, thanks to the removal of the need to switch between different platforms.

Additionally, the integration simplifies the trading experience by authorizing direct transactions on Bybit through established TradingView accounts, as facilitated by the new Bybit Broker Profile page on TradingView.