Crypto Market Continues to Decline in August, While Three Giants Witness MoM Jump in Trading Volume
In August, the crypto market got through another challenging month as the 2022 crypto winter stretched on. A crypto market sell-off was triggered as the Federal Reserve Chair hinted that another rate hike would happen next month. Metaverse and DeFi sectors also suffered great blow in August when a liquidity crisis in the market led cryptocurrency lenders?Voyager Digital?and?Celsius to file for bankruptcy protection. Comfortingly, institutional investors showed growing enthusiasm for the market where?BlackRock partnered with Coinbase?for institutional crypto businesses and Schwab Asset Management launched the?Schwab Crypto Thematic ETF. Are there positive signals? Fazzaco has collected data on the trading volume of top 6 crypto exchanges in August 2022 to analyze the market trend during the month.?
The top six crypto exchanges described in this article include Binance, Coinbase, FTX, OKX, Huobi Global, and Crypto.com. As shown in the figure below, compared to the previous month, the trading volume of major exchanges kept a downward trend in August, while the crypto exchange Crypto.com, Binance and Coinbase witness recovery in its trading volume compared to last month.
Overall, Huobi Global saw the biggest month-on-month decline at 23.04%, followed by OKX and FTX with slight decrease of 3.32% and 2.36% respectively. By contrast, Crypto.com saw a huge reversal with the largest monthly jump at 75%. Additionally, Binance witnessed 5.11% increase and Coinbase achieved a growth of 14.25% this month.
The detailed trading volumes of each crypto exchange in August are as follows:
Binance registered a total trading volume of $1.85 trillion in August, up 5.11% from $1.76 trillion in July 2022.?
This month, Binance bolstered its businesses in the Blockchain sector by rolling out?zero-fee ETH trading services?and?signed MoU with the City of Busan . Also, the bellwether futher expanded its global footprints by gaining in-principle approval from Astana Financial Services Authority and Money Transmitter License in Nevada.
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The trading volume reached $58.06 in August, which shows a jump of 14.25% from $50.82 billion in July 2022.?
This month, besides its partnership with BlackRock, Coinbase launched Nano Ether futures contract and liquid staking token before the ethereum blockchain merge.
OKX saw a decrease of 3.32% in its total trading volume in August with $501.56 billion, compared to $518.81 billion last month. The spot volume in August were $53.96 billion.
In August 2022, Huobi Global witnessed 23.04% decline in total trading volume, falling from the previous month's $137.65 billion to $105.93 billion. The spot volume saw a month-on month decrease of 28.15%, from $32.36 billion to $23.25 billion.Read More Here