The spot buying and selling quantity of main cryptocurrency change Binance has plummeted by 48% final month, marking the second consecutive month of declines for the cryptocurrency buying and selling platform.
Based on CCData’s newest Exchange Review report, Binance’s buying and selling quantity dropped to $287 billion final month, recording its second-lowest month-to-month buying and selling quantity since 2021. Its market share has additionally saved sliding, falling for the second consecutive month to 46.3%, its lowest market share since October 2022 previous to FTX’s collapse.
Binance is however nonetheless dominating the trade with an enormous lead over its opponents. Coinbase and OKX, the second and third largest exchanges by spot quantity, solely maintain 5.60% and 5.39% of the entire spot buying and selling market share respectively, far behind Binance.
Binance’s lead has led to an enormous increase within the BTC/TUSD buying and selling pair, after it began providing its customers zero-fee buying and selling by way of it on March 22. The volumes hit a file excessive of $34 billion in April after a staggering 851% enhance. TUSD additionally rose to the third place amongst stablecoins by buying and selling quantity on centralized exchanges, surpassing USDC for the primary time in nearly a 12 months due to the transfer.
CCData’s report particulars that Binance’s quantity fell throughout a month wherein cryptocurrency spot buying and selling volumes on centralized exchanges plummeted 40.2% to $621 billion, in a downturn that marked the bottom buying and selling volumes since December 2022 and the second-lowest since July 2020, successfully bucking the 12 months’s pattern in buying and selling exercise.
The report additionally particulars that derivatives volumes dropped by 23.3% to $2.15 trillion, though they reached a brand new file market share in the identical month.
The amount drop this month may be linked to the unsure macroeconomic scenario, which entails potential recession dangers and a halt of Fed fee hikes amid the turmoil within the banking sector.
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