The Chief of famous crypto exchange Binance Changpeng Zhao has been avidly predicting that Bitcoin is going to hit a high-value mark in 2019. Zhao now claims that the crypto volume in trading is actually under-reported by at least fifty percent (50%).
Zhao’s claim that despite Bitcoin value on a record low throughout the year Binance is trading at optimized levels making good profits.
Zhao’s claim comes with the logic that there is no doubt the trading volume is down by almost ninety percent if compared with the levels in January 2018. But, he also claims that if compared with trading volume in previous years it is still quite high.
In fact, he claims, the volumes are high enough that the business is not only making a profit but also in a very healthy position when it comes to the stability of the exchange.
Zhao also bashed crypto data and analysis providers to have been misreporting the facts making an essentially technical mistake in their reports.
Zhao explains that the over-the-counter (OTC) volume reported is the volume that is in trade at different exchanges, but the market volume includes the cryptocurrencies in hibernation due to the year-long dip.
He added that the calculation of $11.7 billion trading volume is essentially alright in OTC volumes. But we cannot forget the volume not currently being traded.
This volume he believes would cap the market at over $23 billion. However, “we’re not heading to that business,” he concluded.