Crypto Exchange Volume Hit 32-Month Low In May
Despite the fact that there are many builders in the crypto sector, total money invested in the crypto market hit 32-month lows in May.
According to The Block, cryptocurrency monthly exchange volume, which analyses spot market activity across all crypto exchanges, was $439.42 billion in May, down more than 27% from $604.88 billion in April.
According to the report, last month’s volume was the lowest since October 2020, at $222.7 billion.
Binance, the largest exchange, recorded over $218 billion in monthly exchange volume in May, a decrease of approximately 26% from $293.83 billion the previous month. The exchange disclosed that it is reevaluating its personnel headcount ahead of future market cycles, maybe as a result of the bear market and decreasing demand.
According to a Binance spokeswoman, the exchange has grown from 30 people to around 8,000 employees worldwide during the last six years.
(With inputs from Shikha Singh)
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