<\/p>\n
The top 10 centralized crypto exchanges (CEXs) recorded a spot trading volume of $1.12 trillion in Q3 2023, indicating a significant plunge from the Q2 total of $1.42 trillion.<\/p>\n
According to the CoinGecko\u00a02023 Q3 Crypto Industry Report<\/a>, the third quarter spot trading volume for the top 10 CEXs represented a 20.1% decrease from Q2. Analysts called the quarter a turbulent one for crypto exchanges.<\/p>\n Among the top CEXs, Binance \u2013 the world\u2019s largest \u2013 witnessed a significant drop in its market share. The exchange\u2019s share fell to a yearly low of 44% in September from a yearly high of 66% in February. Analysts attributed the decline to pressure from several regulators and the platform\u2019s exit from multiple markets, as well as the departure of some of its top executives.<\/p>\n Binance is facing scrutiny from regulators like the U.S. Securities and Exchange Commission (SEC) and the Department of Justice. The exchange is in a legal tussle<\/a> with the SEC over several allegations of securities law violations. This has impacted<\/a>\u00a0the platform\u2019s trade volume, especially in the U.S.<\/p>\n Besides Binance, other exchanges recorded gains and losses in their market shares. KuCoin slipped out of the top 10 while HTX (formerly Huobi) regained its place as the third. Upbit and Bybit gained 4.6% and 6.9% in market share, respectively.<\/p>\n On the other hand, the top 10 decentralized exchanges (DEXs) witnessed a 31.2% drop in their spot trading volume, which totaled $105 billion. THORChain emerged as the largest gainer with a 113% increase in volume, while SushiSwap dropped out of the top 10, with Orca Finance taking its spot with a 1% market share.<\/p>\n Furthermore, the market cap of the top 15 stablecoins declined by 3.8% to $121.3 billion. USD Coin (USDC) recorded the largest losses at $2.26 billion, while Binance USD (BUSD) experienced the largest percentage decline of 45.3% in the aftermath of Binance removing support for the asset.<\/p>\n The trading volumes for non-fungible tokens (NFTs) plummeted by 55.6% from $3.67 billion in Q2 to $1.63 billion in Q3.\u00a0CryptoPotato<\/em>\u00a0reported<\/a>\u00a0that Q3 was the worst quarter for NFT sales in almost three years.<\/p>\n Overall, the total crypto market cap plunged by 10% in Q3, while the average trading volume fell by 11.5% to $39.1 billion.<\/p>\nCEX Spot Trading Volume Plunged in Q3<\/h2>\n
Total Crypto Market Cap Fell 10%<\/h2>\n
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