Crypto Spot Trading Volume Drops to $475,000,000,000, Reminiscent of 2019 Bear Market: Analytics Firm

Crypto spot buying and selling quantity on exchanges dipped considerably in August amid the sector’s current bearish value motion, based on the blockchain knowledge agency CCData.

The agency notes in a current month-to-month report that spot buying and selling quantity on centralized exchanges in August dropped for the second consecutive month, lowering by 7.78% to $475 billion.

The determine represents the bottom month-to-month whole because the sector was in the course of a bear market in March 2019.

CCData additionally notes every day volumes on centralized exchanges plunged to $5.90 billion on August twenty sixth, the bottom whole since February 2019.

Explains the info agency,

“The fluctuations all through the month will be attributed to SpaceX’s sale of its BTC holdings and Grayscale’s landmark victory over the SEC, which didn’t replicate within the spot accumulation of crypto property.”

Derivatives buying and selling quantity on centralized exchanges additionally took successful final month, lowering by 12.3% to $1.62 trillion, the bottom stage of quantity since December 2022 and the second-lowest whole since December 2020, based on CCData.

Says the agency,

“The derivatives market now represents 77.3% of the whole crypto market (vs. 78.2% in July). This is the third consecutive decline in derivatives market share, with the volatility out there resulting in a big drop in open curiosity final month.”

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