GMBStaff
10 Sep 23
<p>The combined cryptocurrency spot and derivatives trading volume on centralized exchanges experienced an 11.5% decrease, reaching its lowest monthly trading volume this year and the second-lowest since October 2020. This decline in volume correlates with the movement in price and represents ...
The combined cryptocurrency spot and derivatives trading volume on centralized exchanges experienced an 11.5% decrease, reaching its lowest monthly trading volume this year and the second-lowest since October 2020. This decline in volume correlates with the movement in price and represents the largest long liquidation event since the collapse of FTX, according to CCData's August Exchange Review. Bitcoin and ethereum both dropped 13%, XRP tumbled 30%, and cardano fell 17%. Spot trading on centralized exchanges also decreased for the second consecutive month, dropping 7.8% to its lowest monthly volume since March 2019. The report notes that trading volumes on centralized exchanges have remained low, comparable to the stagnant trading activity witnessed in the bear market of 2019. Grayscale's win over the SEC in late August did not positively impact volume or bitcoin's price for the month. Derivatives volume also recorded a 12.5% decline to its lowest level since December 2022, resulting in derivatives' market share sliding to 77.3% from 78.2% in July. Binance remains the largest exchange for both the spot market and derivatives, while crypto-exposed stocks such as Riot Platforms, Marathon Digital, and Hut 8 Mining each fell approximately 30% in August.