Crypto Exchange Volume Plunged In July
Cryptocurrency exchanges experienced a significant drop in volume in July, with the largest exchanges trading coins and tokens at $446 billion. This decline was the worst since November 2020. The market share was maintained by Binance, followed by Upbit, OKX, Huobi, KuCoin, Gate.io, and BitFlyer. Coinbase, the largest American exchange, handled coins worth over $30 billion in July.
The sharp decline in cryptocurrency volume occurred during a consolidation phase, with Bitcoin price slightly below $30,000 and the market cap of all cryptocurrencies at $1.12 trillion. Coinbase reported a $327 million transaction volume in Q2, with a loss of 42 cents per share. Other exchanges, including Crypto.com, Binance, and Huobi, have also experienced pressure. Crypto investors are concerned about the worsening regulatory environment, as the SEC sued Binance and Coinbase in June.
(With inputs from Shikha Singh)
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