According to a recent Bloomberg report, trading volume on major cryptocurrency exchanges experienced a significant decline in April, marking the first drop in seven months.
This decline coincided with a retreat in the price of Bitcoin, which had previously hit a record high of $73,700 on March 14th and then hit a monthly low of $59,000 in late April.
Trading Volume On Coinbase, Binance, And Kraken Tanks
Data from CCData, a renowned research firm, reveals that spot trading volume on centralized exchanges (CEXs) such as Coinbase Global, Binance, and Kraken decreased by 32.6% to $2 trillion last month. Additionally, derivatives trading volume experienced a decline of 26.1% to $4.57 trillion, marking the first decrease in seven months.
Earlier this year, trading volume surged following the introduction of 11 US spot Bitcoin exchange-traded funds (ETFs) by the world’s largest asset managers.
However, it slowed down due to tightening financial conditions in the United Stat
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