Ben Zhou, CEO of Bybit, believes the total cost of cryptocurrency clearing on the exchange could be between $8 billion and $10 billion. According to Zhou, his platform alone recorded clearing worth US$2.1 billion in the past 24 hours, while Coinglass data showed only US$333 million.
This means that the actual clearing of cryptocurrencies on different markets could be much higher than the published figures; Bybit's CEO explained that the reason for the discrepancy between reported and actual clearing figures is due to API limitations in providing data.
There is a [API] limitation on the amount of data sent per second. From my observation, other exchanges are also doing the same to limit clearing data, Zhou said.
In response to these reporting gaps, Zhou added that Bybit will start publishing full clearing data.
In the future, Bybit will start publishing full clearing data. We believe in transparency. We believe in transparency, he said.
the #cryptocurrency market reacted sharply and violently to President Trump's tariff announcement on Saturday.
#Bitcoin fell below $92,000 for the first time since January, while #Ethereum and other #altcoins lost double digits. According to Coinglass, more than $2 billion was liquidated on cryptocurrency derivatives exchanges during the sell-off.
The Cryptocurrency Fear and Greed Index fell from 60 to 44, entering the "fear" zone at its lowest level since Oct. 11.
the President announced tariffs of 25% on imports from Canada and Mexico and 10% on Chinese goods. The measures will be imposed starting tomorrow as part of border security and a crackdown on drug trafficking.
economists warn that President Trump's new tariffs could worsen inflation.
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