Crypto Trading Volumes Drop in Q2 to Yearly Lows
Bitcoin, the world’s largest cryptocurrency, lost the most market share of trading volume in the second quarter of this year.
Crypto trading volumes have hit yearly lows across quarter two, as market makers scale back on trading, according to data from Kaiko.
Average daily volumes for the second quarter of 2023 were $10 billion for the top 10 tokens (excluding stablecoins), compared to $18 billion average daily volumes in the first quarter of the year.
This comes as regulatory crackdown has in the last month, perhaps prompting traders and market makers to pull back. Last week, Binance and Coinbase, , received lawsuits against them from the U.S. Securities and Exchange Commission (SEC).
In terms of individual token market share of trading volume across Q2, bitcoin has lost around 20 percentage points since its peak at the end of March. Ether outperformed bitcoin, taking a 5 percentage point increase in share of volumes. Binance’s BNB rose from 2% of volumes to over 7% in the last few days amid the Binance regulatory fear.
Edited by Nelson Wang.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP News Today: Investors Divided: XRP's $5 Buzz Compared to Ozak AI's 7,000% Growth Promise
- XRP gains traction as analysts predict $5 price targets via ETF-driven inflows, citing historical Bitcoin multipliers. - Ozak AI emerges as AI-focused crypto alternative, raising $4.54M in presale with 7,000% return potential via decentralized AI infrastructure. - Market splits between XRP's institutional appeal and Ozak AI's utility-driven innovation, highlighting crypto's shifting risk-reward dynamics. - Analysts note XRP's capped growth vs. Ozak AI's 50X-100X potential, emphasizing real-world AI appli
Between Breakthroughs and Turmoil: The Struggle for Safety and Longevity in Cryptocurrency
- Crypto sector faces structural challenges balancing innovation with security and sustainability amid rising threats and regulatory uncertainty. - Mutuum Finance advances dual-lending architecture and mtToken mechanics under Halborn audit to build defensible DeFi models. - Upbit's $36M hack and Tether's Uruguay exit highlight systemic vulnerabilities from cyberattacks and energy cost volatility. - Industry shifts toward sustainable yield models with automated collateral rules and revenue redistribution to
Trump’s Selection of Hassett as Fed Chair Challenges Central Bank Autonomy
- Trump's nomination of Kevin Hassett as potential Fed Chair gains traction, positioning him as the leading candidate to replace Jerome Powell in 2026. - Hassett, a pro-crypto economist with Coinbase ties and Trump-aligned regulatory views, could shift Fed policy toward aggressive rate cuts and crypto-friendly frameworks. - Market odds favor Hassett (52-55% on prediction platforms), though mixed investor reactions and Senate confirmation challenges highlight risks to Fed independence. - Critics warn of pol
Dogecoin News Update: Practical Use Drives Digitap's $2.1M Presale Amid Bearish Market, Not Just Hype
- Digitap ($TAP) secures $2.1M in presale amid crypto bear market, contrasting ADA and DOGE's struggles with technical issues and weak demand. - Its utility-driven model, including Visa integration and cross-border payments, addresses gaps in traditional finance with sub-1% fees and 150M+ merchant access. - 90% presale allocation and 133M $TAP sold at 76% discount highlight demand, driven by 120K+ wallets linked during Black Friday promotions. - Analysts project $TAP could rise to $0.45–$3 by 2030, citing
Trending news
MoreCrypto prices
More
