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

by ChainChirp
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Crypto spot buying and selling quantity on exchanges dipped considerably in August amid the sector’s current bearish worth 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 complete 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 complete since February 2019.

Explains the information agency,

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

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

Says the agency,

“The derivatives market now represents 77.3% of your complete 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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