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As seen in most global cryptocurrency exchanges, the US-based cryptocurrency exchange Coinbase has also experienced striking declines in trading volume in recent months. According to CCData, Coinbase’s spot trading volume recorded a decrease of over 50% in the third quarter of 2023 compared to the third quarter of 2022.
Coinbase’s Spot Trading Volume Declines
Increased security issues in the crypto industry, a series of investigations launched by regulatory authorities in many countries, and numerous factors such as uncertainty in the crypto asset market have significantly challenged the conditions for crypto companies. During this process, many cryptocurrency exchanges have suffered significant blows with striking declines in trading volume. The US-based cryptocurrency exchange Coinbase also experienced significant declines in trading volume due to the impact of the current market conditions.
Bloomberg published a detailed report this week addressing the decline in trading volume of the cryptocurrency exchange Coinbase. The report referred to the latest data from digital asset data provider CCData and highlighted the decline in Coinbase’s trading volume.
According to CCData, Coinbase’s spot trading volume recorded a decrease of 52% in the third quarter of 2023 compared to the third quarter of 2022. Coinbase recorded a spot trading volume of approximately $76 billion in the third quarter of 2023.
Despite the Decline in Trading Volume, Market Share of Coinbase Rises
Although Coinbase witnessed striking declines in spot trading volume, its market share increased during this period. The decrease in Binance‘s market share largely contributed to the rise in Coinbase’s market share despite the decline in trading volume.
Bloomberg’s report also mentioned Binance’s decline in trading volume and market share, alongside the rising market share of Coinbase. Binance, which has faced various investigations in several countries, including the United States, has entered a challenging period in recent months.
In addition to ongoing investigations, a series of problems have emerged in the exchange’s operations. With the start of mass layoffs in recent weeks, numerous top-level executives, including the former CEO of Binance US, resigned from their positions.
