Spot trading volume on some of the largest centralized cryptocurrency exchanges fell 40.2% month-on-month to $621 billion in April, the lowest since December, according to a recent report from crypto data provider CCData. became the standard.
what contributed slump? According to the report, the aftermath of multiple bank failures since March and the threat of a looming recession has led to a drop in trading volumes across Coinbase Global.Nasdaq: Coin), Binance, Binance.US, OKX, Upbit, Kraken.
This is on top of regulatory concerns, especially when Coinbase (COIN) was considering pulling out of the US temporarily, but CEO Brian Armstrong announced the move less than a month later. He withdrew his offer, stating, “We will always maintain our presence in the United States…”. But the US is now a little behind. “
Still, bitcoin (BTC-USD) and ethereum (ETH-USD), which account for about 65% of the world’s cryptocurrency market capitalization, rose modestly during the month, marking a notable year-to-date gain. Expanded.
Spot trading volume on the world’s largest cryptocurrency exchange Binance fell 48.1% to $287 billion in April, the second lowest monthly volume since 2021, CCData highlights. That took the company’s market share down to 46.3%, the lowest since October.
In recent months, Zhao Changpeng’s Binance has been plagued by a number of negative developments, most recently with Bitcoin (BTC-USD) withdrawal problems.
Despite this, Binance remains the dominant exchange in the cryptocurrency space by a wide margin, CCData said. The second and third largest exchanges, Coinbase (COIN) and OKX, account for only 5.60% and 5.39% of the total spot trading market respectively.
The report defines spot volume as “cryptocurrency volume for immediate delivery”.
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