2023-8-9 10:31 |
Cryptocurrency exchanges (CEX) volume plunged hard in July as the new crypto winter continued. Data compiled by The Block shows that the volume of coins and tokens traded in the biggest exchanges dropped to $446 billion.
The volume has been in a strong downward trend in the past few months. It peaked at over $959 billion in March and then fell to $584 billion in May. July’s decline was the worst performer since November 2020.
Binance maintained the biggest market share in June, handling over $208 billion. It was followed by Upbit, which handled $60 billion and OKX, Huobi, KuCoin, Gate.io, and BitFlyer. Coinbase, the biggest American exchange handled coins worth over $30 billion in July.
Crypto exchange volumes
The sharp decline in volume happened at a time when cryptocurrencies remained in a consolidation phase. Bitcoin price remained in a tight range slightly below $30,000 while the market cap of all cryptocurrencies remained at $1.12 trillion.
The sharp decline in volume is hitting crypto exchanges. In a statement last week, Coinbase said that its transaction volume came in at $327 million in Q2 from $372 million in the previous quarter. Its trading revenue fell to just $92 million. The company made a loss of 42 cents per share, as we wrote here.
Other exchanges have also been pressured, with companies like Crypto.com, Binance, and Huobi announcing layoffs.
Crypto investors are concerned about the worsening regulatory environment. In June, the Securities and Exchange Commission (SEC) sued Binance and Coinbase, the two biggest players in the sector.
The post Crypto exchange volume slipped to $446 billion plunged again in July appeared first on Invezz.
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