Spot trading volume at Coinbase, one of the largest U.S. cryptocurrency exchanges, fell by more than half, highlighting a shift in interest in cryptocurrency trading.
On October 11, mainstream media Bloomberg quoted analysis from digital asset data provider CCData as saying that Coinbase’s spot trading volume was approximately US$76 billion. New data shows spot trading volumes fell 52% in Q3 2023 compared to the quarterly record in Q3 2022.
The new figure is the lowest since Coinbase listed on the Nasdaq Stock Market in 2021, months before cryptocurrency prices peaked, the report said.
Despite the decline in spot trading volumes, the report noted that Coinbase gained market share last quarter as cryptocurrency exchange Binance came under greater scrutiny from regulators.
On October 6, cryptocurrency exchange Binance’s spot market share declined for the seventh consecutive month. According to reports, the lost trading volume has been snatched up by rival exchanges such as Coinbase, Bybit and DigiFinex.
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Although cryptocurrency exchanges have experienced a decline in trading volume and market share, some cryptocurrency trading platforms have experienced success in terms of website traffic. Although the traffic of Binance and Coinbase has dropped significantly, data on September 18 shows that network traffic of exchanges such as OKX, HTX (formerly Huobi), Gate.io, CoinW, XT.com and Bitmart has increased significantly year-on-year – Date (year to date). Data shows that since the beginning of the year, HTX’s network traffic has increased by 200%, while Gate.io and Coinw’s traffic has soared by 143% and 66% respectively.
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