Last month, spot trading volumes on centralized cryptocurrency trading platforms rose 16.4% to $575 billion, the first trading volume increase seen in three months. Trading volumes, however, remain at historically low levels, recording the lowest quarterly volumes since Q4 of 2019.
CCData’s latest Exchange Review report details that the combined spot and derivatives trading volumes on centralized exchanges rose 14.2% to $2.7 trillion in June.
The increase in trading volumes came amid rising volatility over the U.S. Securities and Exchange Commission’s (SEC) lawsuits against leading cryptocurrency exchanges Binance and Coinbase and amid a renewed positive outlook in the space triggered by the filing of spot Bitcoin exchange-traded funds (ETFs) by financial behemoths including BlackRock and Fidelity.
As of July 4, Coinbase was leading in terms of Bitcoin trading volumes among exchanges registered in the US with a 61% market share.
Binance’s spot trading market share notably fell for a fourth consecutive month to 41.6% in June, marking its lowest level since August 2022.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/06/
