​​Crypto trading volume on spot exchanges fell by 54% in 2022

​​Crypto trading volume on spot exchanges fell by 54% in 2022

The trade volume reported by the biggest centralized crypto exchanges in 2022 was just over $10 trillion, a figure more than twice as low as recorded in 2021.

Crypto exchanges trading volumes decline, Binance is still in charge

Crypto exchanges have reported an $805 billion monthly spot exchange volume of the significant markets in December 2022. Compared to $371 billion in November, the amount accounts for a 54% decline.

This year, Binance accounted for fifty-four percent of all spot exchanges trading volumes, leading the centralized cryptocurrency exchanges market. Last year, Binance, one of the world’s major cryptocurrency exchanges, was responsible for $7.7 trillion in cryptocurrency trading volume.

Since launching its coin, BNB, the fifth most important cryptocurrency by market value behind Bitcoin, Ethereum, USD Tether, and Cardano, Binance has offered one of the most comprehensive offerings of alternative coins on its marketplace.

Investigations into money laundering and tax violations in the US and UK have partly hurt Binance. Customers of certain banks are not permitted to pay money to the crypto ramp. Thailand, China, and Japan all have similar restrictions in place.

Other crypto exchanges with high trading volumes

The list’s runner-up was Coinbase, a fully authorized and regulated in the United States. The daily cryptocurrency volume on the platform is around $1.01 billion. Last year, Coinbase experienced an average daily volume of $4.33 billion, a decrease from the daily crypto volume it has garnered this year.

After Coinbase, OKX, a controlled cryptocurrency exchange founded in 2013 and registered in Seychelles, came in third. The business currently has 356 coins and 651 trade pairs available. The reported OKX 24h volume is $593.90, a change of 12.09% over the previous 24 hours. 

Uniswap swiftly followed Coinbase. There are 855 coins and 1532 trading pairings on Uniswap right now. According to reports, the 24-hour volume for Uniswap (v3) was $496.77 million, with a 3.04% market share. The most active trading pair has a 24-hour volume of $138,560,564.58 and is USDC/WETH.

Kraken then came in fifth. The exchange has 663 trade pairs and 213 coins currently accessible. A change of 94.79% over the previous 24 hours is indicated for the Kraken 24h volume, which is $423.42. With a 24-hour volume of $102,088,364.92, the most active trading pair is USDT/USD.

Binance is delisting a couple of trading pairs

The cryptocurrency exchange has announced today that it will delist a few trade pairs. On Friday, December 30, the business will stop trading the ATA/BNB, GLM/ETH, KSM/ETH, LOOM/ETH, REI/ETH, STMX/ETH, STRAX/ETH, and TROY/BNB trading pairs.

They also stated that users could continue trading the commodities on other Binance trading pairs. To avoid any unforeseen losses, the exchange advised its users to update or cancel their trading strategies before the end of the strategy trading services.

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Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.