Binance Trading Volume Fell Almost 50% In April
According to CCData, spot trading activity at Binance, the world’s largest cryptocurrency exchange, fell for the second consecutive month in April, plummeting 48% amid declining transaction levels across the industry.
Last month, volume fell to $287 billion, the second-lowest amount since 2021. The exchange’s market share declined to 46% for the second month in a row.
Binance isn’t the only one. Overall, spot trade volume on centralised exchanges plunged 40% to its lowest level since December. According to CCData, the uncertainty surrounding macroeconomic conditions such as imminent recession concerns, as well as the failure of major U.S. banks, led to the decline in volumes.
Nonetheless, Binance maintains its dominance as the largest exchange. Coinbase and OKX, which were placed second and third in terms of volume, accounted for only 5.60% and 5.39% of total spot trading, respectively.
(With inputs from Shikha Singh)
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