{"id":151589,"date":"2023-09-07T20:08:14","date_gmt":"2023-09-07T14:38:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=151589"},"modified":"2023-09-07T20:08:14","modified_gmt":"2023-09-07T14:38:14","slug":"crypto-trading-sinks-to-2019-levels-as-binance-sees-market-dip-and-huobi-volumes-surge-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-trading-sinks-to-2019-levels-as-binance-sees-market-dip-and-huobi-volumes-surge-crypto-news\/","title":{"rendered":"Crypto trading sinks to 2019 levels as Binance sees market dip and Huobi volumes surge – Crypto News"},"content":{"rendered":"

<\/p>\n

Spot and derivatives trading activities on centralized cryptocurrency exchanges declined for the second consecutive month by 11.5% to $2.09 trillion, setting a new low for the current year, according to CCData.<\/p>\n

The crypto data aggregator reported that spot trading activities fell 7.78% to $475 billion in August, the lowest volume recorded since March 2019. CCData stated that daily volumes on centralized exchanges also hit a low of $5.90 billion on August 26, the weakest since Feb. 7, 2019.<\/p>\n<\/p>\n

Source: CCData<\/figcaption><\/figure>\n

Per CCData, the decreased crypto trading activity was despite Grayscale\u2019s recent success against the U.S. Securities and Exchange Commission (SEC). According to the firm, the legal victory failed to spur a meaningful accumulation of crypto assets. The firm wrote:<\/p>\n

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\u201cThe trading volumes on centralised exchanges have remained low since April this year and are now comparable to the stagnant trading activity in the bear market of 2019.\u201d<\/p>\n<\/blockquote>\n

Binance market share falls<\/span><\/p>\n

While Binance continues to lead in spot trading volume with $183 billion, it\u2019s noteworthy that the exchange\u2019s market share has declined consistently for six consecutive months, now resting at 38.5%\u2014its lowest point in the past year.<\/p>\n

Binance\u2019s recent setbacks can be primarily attributed to regulatory and legal issues<\/a>, which have prompted significant changes within the company\u2019s top leadership<\/a>. Several high-ranking executives have departed<\/a>, ostensibly for personal reasons; however, there is widespread speculation that their departures are linked to mounting regulatory pressures.<\/p>\n

An example of how these issues have affected Binance is how its trading volume within Russia plummeted by over 80%, according to Kaiko data<\/a>. Although Binance has publicly stated its commitment to adhering to imposed sanctions on the country, recent media reports have raised questions about the exchange\u2019s continued use<\/a> of sanctioned financial institutions to facilitate peer-to-peer transactions.<\/p>\n

Huobi volume climbs<\/h2>\n

In August, the Huobi Exchange experienced a substantial boost in its spot trading volume. Notably, its spot trading volume surged by an impressive 46.5%, reaching $28.9 billion. This surge catapulted Huobi into the position of the second-largest platform in the industry and saw its spot market share jump to 6.3%, its highest point since October 2021.<\/p>\n

\"Huobi
Source: CCData<\/figcaption><\/figure>\n

This surge in Huobi\u2019s trading activity has drawn significant attention, particularly in light of its associations with Justin Sun, the founder of Tron\u2019s network, and ongoing inquiries<\/a> regarding its stablecoin reserves.<\/p>\n

The post Crypto trading sinks to 2019 levels as Binance sees market dip and Huobi volumes surge<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spot and derivatives trading activities on centralized cryptocurrency exchanges declined for the second consecutive month by 11.5% to $2.09 trillion, setting a new low for the current year, according to CCData. The crypto data aggregator reported that spot trading activities fell 7.78% to $475 billion in August, the lowest volume recorded since March 2019. CCData […]<\/p>\n","protected":false},"author":2,"featured_media":151590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-151589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=151589"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151589\/revisions"}],"predecessor-version":[{"id":151596,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151589\/revisions\/151596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/151590"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=151589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=151589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=151589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}