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Crypto Trading Volume Hits Lowest Level Since 2019 In Q2

Published by: dailynews
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Trading volume on cryptocurrency exchanges in the three months ended in June was the lowest since the final quarter of 2019 despite a jump in activity during the final weeks of last month.

Volume on so-called centralized exchanges rose 16.4% to $575 billion in June, the first increase in three months, according to a report from researcher CCData. Overall, trading volume fell 40% to $1.7 trillion from the first quarter, and was down 62% compared with the year-earlier period, the researcher said.

Meanwhile, Binance’s market share of non-derivatives trading volume declined for the fourth consecutive month, dropping 1.4% to 42% in June. The biggest crypto platform’s market share fell the most among centralized exchanges, and it registered the lowest market share since August 2022. Binance stopped offering some popular trading pairs, contributing to the decline.

At the start of June, the US Securities and Exchange Commission sued Binance, its Chief Executive Officer Changpeng “CZ” Zhao and Binance.US, which he also owns, for breaking US securities laws. Binance has called the complaint “disappointing,” and said it plans to mount a vigorous defense.  

Read the full story on Bloomberg here.