{"id":545785,"date":"2023-08-04T17:00:21","date_gmt":"2023-08-04T17:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=545785"},"modified":"2024-06-11T14:39:19","modified_gmt":"2024-06-11T14:39:19","slug":"crypto-trading-volumes-fall-to-lowest-level-in-2023","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-trading-volumes-fall-to-lowest-level-in-2023\/","title":{"rendered":"Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes"},"content":{"rendered":"

According to a <\/span>report<\/span><\/a> by CCData, a digital assets data provider, crypto trading volumes on centralized exchanges in July fell to their lowest this year as the bear market lingers. Spot trading volumes dipped by 10.5% to $515 billion, while derivatives volume dipped by 12.7% to $1.85 trillion.\u00a0<\/span><\/p>\n

This slump has been attributed to the low volatility in the price action of the two leading crypto tokens – bitcoin and ether. Both tokens have continued to experience sideways price movement since the beginning of July, thus keeping the market players out as they await a breakout.\u00a0<\/span><\/p>\n

Binance Continues To Lead The Pack Despite Regulatory Concerns<\/h2>\n

According to the latest exchange review report, Binance remains the largest crypto exchange by spot trading volume, recording $208 billion in trading volume for July. However, it wasn\u2019t all good news for the exchange as its market share declined for the fifth consecutive month in July, dipping to 40.4% – its lowest since August 2022.<\/span><\/p>\n

Related Reading: Buying Pressure Incoming? MicroStrategy Files Notice With SEC To Sell $750 Million In Stocks<\/a><\/div>\n

The decline in Binance\u2019s market share has been attributed largely to the firm\u2019s ongoing legal battle with the United States Securities and Exchange Commission (SEC). In July, the SEC accused Binance and its CEO Changpeng Zhao, of offering different tokens, which the regulator has tagged as \u201cunregistered securities,\u201d to the public.\u00a0<\/span><\/p>\n

Binance\u2019s regulatory battles might have forced traders to seek alternatives as they fear the worst might happen to the crypto exchange.<\/span><\/p>\n

“The recent concerns over possible regulatory action against Binance seem to have adversely affected the trading activity on the exchange, with users likely to prefer other alternatives,” said Joseph, a research analyst at CCData, in a note to CoinDesk.<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap struggles at $1.127 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Crypto Industry In South Korea Thriving<\/h2>\n
South Korea\u2019s Upbit, meanwhile, outperformed the general market trend as the crypto exchange as it rose to become the second-largest crypto exchange by trading volume, ranking only behind Binance.\u00a0<\/span><\/p>\n
In July, the crypto exchange saw its spot trading volume rise by 42.3% to $29.8 billion. This figure put Upbit ahead of rivals OKX and Coinbase (the first time this is happening), with both crypto exchanges\u2019 volumes dropping 11.6% and 5.75%, respectively.<\/span><\/p>\n
Related Reading: Ethereum ETFs Heat Up As Filings With SEC Climbs To Six<\/a><\/div>\n
\u201cCompared to last month, Upbit saw the largest increase in market share, with the exchange now accounting for 5.78% of the trading volumes on centralized exchanges,\u201d the report elaborated.\u00a0<\/span><\/p>\n
Upbit wasn\u2019t the only South Korean crypto exchange that enjoyed a remarkable uptrend last month. According to the report, other South Korean exchanges like Bithumb and CoinOne also saw an increase in their trading volume.<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
According to a report by CCData, a digital assets data provider, crypto trading volumes on centralized exchanges in July fell to their lowest this year as the bear market lingers. Spot trading volumes dipped by 10.5% to $515 billion, while derivatives volume dipped by 12.7% to $1.85 trillion.\u00a0 This slump has been attributed to the low volatility in the price action of the two leading crypto tokens – bitcoin and ether. Both tokens have continued to experience sideways price movement since the beginning of July, thus keeping the market players out as they await a breakout.\u00a0 Binance Continues To Lead The Pack Despite Regulatory Concerns According to the latest exchange review report, Binance remains the largest crypto exchange by spot trading volume, recording $208 billion in trading volume for July. However, it wasn\u2019t all good news for the exchange as its market share declined for the fifth consecutive month in July, dipping to 40.4% – its lowest since August 2022. Related Reading: Buying Pressure Incoming? MicroStrategy Files Notice With SEC To Sell $750 Million In Stocks The decline in Binance\u2019s market share has been attributed largely to the firm\u2019s ongoing legal battle with the United States Securities and Exchange Commission (SEC). In July, the SEC accused Binance and its CEO Changpeng Zhao, of offering different tokens, which the regulator has tagged as \u201cunregistered securities,\u201d to the public.\u00a0 Binance\u2019s regulatory battles might have forced traders to seek alternatives as they fear the worst might happen to the crypto exchange. “The recent concerns over possible regulatory action against Binance seem to have adversely affected the trading activity on the exchange, with users likely to prefer other alternatives,” said Joseph, a research analyst at CCData, in a note to CoinDesk. Total market cap struggles at $1.127 trillion | Source: Crypto Total Market Cap on Tradingview.com Crypto Industry In South Korea Thriving South Korea\u2019s Upbit, meanwhile, outperformed the general market trend as the crypto exchange as it rose to become the second-largest crypto exchange by trading volume, ranking only behind Binance.\u00a0 In July, the crypto exchange saw its spot trading volume rise by 42.3% to $29.8 billion. This figure put Upbit ahead of rivals OKX and Coinbase (the first time this is happening), with both crypto exchanges\u2019 volumes dropping 11.6% and 5.75%, respectively. Related Reading: Ethereum ETFs Heat Up As Filings With SEC Climbs To Six \u201cCompared to last month, Upbit saw the largest increase in market share, with the exchange now accounting for 5.78% of the trading volumes on centralized exchanges,\u201d the report elaborated.\u00a0 Upbit wasn\u2019t the only South Korean crypto exchange that enjoyed a remarkable uptrend last month. According to the report, other South Korean exchanges like Bithumb and CoinOne also saw an increase in their trading volume. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[10768,6664,89035,12292,89034,89033,11587],"class_list":["post-545785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-binance","tag-crypto","tag-crypto-exchange-volumes","tag-crypto-exchanges","tag-crypto-trading-volumes","tag-crypto-volumes","tag-upbit"],"acf":[],"yoast_head":"\nCrypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes<\/title>\n<meta name=\"description\" content=\"According to a report by CCData, a digital assets data provider, crypto trading volumes on centralized exchanges in July fell to their lowest this year as\" \/>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes","url":"http:\/\/wncen.com\/news\/crypto-trading-volumes-fall-to-lowest-level-in-2023\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-trading-volumes-fall-to-lowest-level-in-2023\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1398694810.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1398694810.jpg?fit=1254%2C836"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","crypto","crypto exchange volumes","crypto exchanges","crypto trading volumes","crypto volumes","upbit"],"dateCreated":"2023-08-04T17:00:21Z","datePublished":"2023-08-04T17:00:21Z","dateModified":"2024-06-11T14:39:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-trading-volumes-fall-to-lowest-level-in-2023\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-trading-volumes-fall-to-lowest-level-in-2023\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1398694810.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1398694810.jpg?fit=1254%2C836\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"crypto\",\"crypto exchange volumes\",\"crypto exchanges\",\"crypto trading volumes\",\"crypto volumes\",\"upbit\"],\"dateCreated\":\"2023-08-04T17:00:21Z\",\"datePublished\":\"2023-08-04T17:00:21Z\",\"dateModified\":\"2024-06-11T14:39:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1398694810.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545785"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=545785"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/545795"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=545785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=545785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=545785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}