According to a recent report from crypto data provider CCData, spot trading volume on some of the largest centralized cryptocurrency exchanges fell 40.2% from a month earlier in April to $621B, the lowest figure since December.
What contributed to the recession? Coinbase Global (NASDAQ:COIN), Binance, Binance.US, OKX, Upbit, and Kraken have declined since March due to multiple bank failures as well as recession threats, the report said.
This is on top of regulatory concerns that briefly had Coinbase (COIN), in particular, considering an exit from the US, but CEO Brian Armstrong dialed back on that suggestion less than a month later. , “We’re always going to have a US presence.. but the US is a little behind.”
Nevertheless, bitcoin (BTC-USD) and ethereum (ETH-USD), which together account for about 65% of the global crypto market cap, rose modestly during the month and extended their remarkable year-to-date gains. .
CCData highlighted that spot trading volume at the world’s largest crypto exchange, Binance, fell 48.1% to $287B in April, representing its second lowest monthly trading volume since 2021. This dragged its market share down to 46.3% – its lowest since October.
Changpeng Zhao’s Binance has been plagued by a number of negative developments in recent months, most recently Bitcoin (BTC-USD) has been suffering from withdrawal issues.
Nonetheless, CCData noted that Binance remained the dominant exchange in the crypto space by a wide margin. The second and third largest exchanges – Coinbase (COIN) and OKEx – account for only 5.60% and 5.39% of the total spot trading market, respectively.
The report defines spot volume as “trading volume on crypto assets with immediate delivery”.
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