Crypto Exchange Binance Trading Volume Fell Almost 50% in April
Even so, it remains the dominant centralized exchange in the industry.
May 10, 2023 at 3:18 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/Z7BYJA36WFH5HLJTTTYKDCN5KA.png)
(CCData)
Spot trading volume at Binance, the world’s largest cryptocurrency exchange, dropped for a second straight month in April, falling 48% amid declining transaction levels across the industry, according to CCData.
Volume dropped to $287 billion last month, the second-lowest level since 2021. The exchange’s market share also fell for a second month, to 46%.
Binance isn’t alone. Spot trading volume on centralized exchanges overall fell 40% to the lowest since December. The uncertainty surrounding macroeconomic conditions such as looming recession threats alongside the collapse of several U.S. banks contributed to the declining volumes, CCData said.
Even so, Binance’s position as the largest exchange remains strong. Coinbase and OKX, the second- and third-ranked by volume, accounted for only 5.60% and 5.39% of total spot trading, respectively.
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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
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