Binance trading volume falls to its lowest since October 2020

Hull Invest

Daily crypto trading volume on Binance dropped to $9.39 billion on Dec. 23, the lowest since October 2020, according to data from Binance. Nomics.

Compared to November 8, when Binance’s daily trading volume surpassed $172 billion, the latest data suggests a drop of more than 94.5% over the past 24 hours. As the holiday season approaches and the bear market widens, trading volumes on most centralized exchanges are affected.

Coinbase’s daily trading volume has fallen to $1.11 billion in the last 24 hours, the lowest since November 2020. data From the Nomix show. Similarly, daily cryptocurrency trading volume on OKX fell to $6.39 billion, the lowest since April 2021, according to data from Nomics.

according to research According to data released by CoinGecko, the trading volume of cryptocurrency derivatives on exchanges has decreased by 24% since the collapse of FTX. According to the study, a possible reason for the drop in trading volume is that traders have stopped or reduced their trading activity since the FTX crash. Furthermore, the study adds that trading activity will also generally slow down towards the end of the year.

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