Crypto Trading Volume On Exchanges Dropped In 2022 Amid Market Crisis
Due to the crypto market crisis in 2022, reports show that crypto trading volume has plummeted on centralized crypto exchanges. Popular exchanges like Binance and Coinbase were also affected.
Trading Volume In Crypto Exchanges Declined In 2022
In December, crypto exchanges recorded a monthly trading volume of $805 billion. This trading volume is higher than November’s, which was $371 billion.
The difference in trading volume shows a 54% rise in December compared to November. A recent report compiled the top centralized crypto exchanges in 2022 according to trading volume.
Binance, the largest crypto exchange, leads the centralized crypto exchange market in terms of trading volume this year. In 2022, Binance’s trading volume represented over 54% of all spot trades on exchanges.
In 2021, crypto trading on Binance hit over $7.7 trillion. After Binance launched its native token, BNB, the platform has provided various trading pairs.
Besides, the BNB token has recorded immense success since its launch. According to CoinGecko’s crypto ranking, BNB is the 5th largest crypto according to market cap. It is behind BTC, ETH, USDT, and ADA.
Unfortunately, investigations about sanctions violations, tax violations, and money laundering in the US have affected the exchange’s positive image. Meanwhile, users of certain banks cannot send money to the crypto ramp.
Also, Japan, Thailand, and China have adopted similar restrictions to protect users. Apart from Binance, other crypto platforms have seen their trading volume dwindle in 2022.
However, the crypto exchange, Coinbase has the next highest trading volume after Binance.
Binance To Delist Some Trading Pairs On December 30th
In 2022, Coinbase witnessed a crypto trading volume of about $1.01 billion. However, the US-based exchange recorded an average daily trading volume of $4.33 billion in 2021.
The crypto market crisis, coupled with increased FUD (fear, uncertainty, and doubt), has affected the trading of digital currencies. The next crypto exchange on the list is OKX, a Seychelles-registered crypto company created in 2013. The firm has over 651 trading pairs with 356 tokens.
Uniswap follows on the list with 1532 trading pairings and 855 digital currencies. According to CoinGecko, USDC/wETH is the most active trading pair on the platform.
The Kraken exchange comes fifth in terms of trading volume. The platform has 213 coins with over 663 trading pairs. The more active trading pair on the platform is the USDT/USD.
Meanwhile, Binance announced that it would be delisting some trading pairs on its platform. By December 30th, Binance will stop trading REI/ETH, STMX/ETH, STRAX/ETH, ATA/BNB, TROY/BNB, LOOM/ETH, KSM/ETH, and GLM/ETH.
The crypto exchange advised users to cancel or update their trades using the above trading pairs. This would help them avoid any potential losses after the pairs are delisted.
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