Amid USDC volatility has affected Bybit
Bybit, whose volume increased by 1.437% in the USDC spot market, became the number two cryptocurrency exchange in the MENA region.
Bybit reported a massive increase in volume in USDC pairs as it ramped up its efforts to respond to market demand as the third most visited cryptocurrency exchange in the world. Investors, who are looking for a safe haven and reliable platform in the recent volatility in the crypto and banking sector, crossed with Bybit due to the high level of security it offers and the depth of the market.
Bybit's volume in the USDC spot market increased 1.437% z. With this contribution from USDC, it was seen that the total spot trading volume increased from 8% to 40%. On Bybit's futures market, the daily trading volume of the USDC/USDT pair has exceeded $380 million. The annual funding rate increased to 740%. Bybit owes this success story to its rapidly growing user base, as well as the trust placed by long and short-term investors and organizations in the platform. Bybit's trading engine, proof of reserve and solid risk management, which managed to survive even the most difficult conditions of the market, revealed that the crypto money exchange increased its market share despite the great difficulties in 2022. This trend seems to continue in 2023.
Bybit's trading volume spikes amid USDC volatility
Bybit continues its preparations for its new head office in Dubai, which will open in the spring of 2023. There are more than 400 crypto and blockchain companies in Dubai, which is taking firm steps towards becoming the digital asset center of the Middle East. Bybit has made its mark as the region's #2 crypto exchange. In less than a year, Bybit managed to reach a transaction volume of 33.5 billion dollars in the Middle East and North Africa (MENA) region. It is taking firm steps forward on the way to double this number in 2023.
