Crypto Exchange Volume Hits Lowest Level of 2023 in September - COINTURK NEWS
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Crypto Exchange Volume Hits Lowest Level of 2023 in September

11:33 pm (65 days ago)
September 30, 2023

Despite several significant developments in the crypto industry in September, the monthly volume recorded on crypto exchanges plummeted to the lowest level seen in 2023. According to the latest data from The Block, the total volume recorded on crypto exchanges in September was $304.46 billion.

Total Exchange Volume at the Lowest Level of 2023

Many critical developments have affected the crypto industry in recent weeks, including delays in spot Bitcoin ETF applications, the Fed’s interest rate decision, and important developments in the SECBinance case. However, the crypto asset markets remained relatively stagnant during this period.

Even after the Fed’s decision to keep the policy interest rate unchanged, there was no significant volatility in the crypto asset markets. The market remained at a very low level of volatility in September.

The low volatility of cryptocurrencies in September also led to a significant decrease in trading volumes. The total volume recorded on crypto exchanges has experienced striking declines since the beginning of 2023.

According to The Block’s data, the total volume of crypto exchanges dropped to $304.46 billion in September, the lowest level of 2023. This number was around $423 billion in August.

The downward trend in trading volumes has continued in recent months, and it continued in September as well. The total volume of exchanges, which was $304.46 billion in September, was approximately $960 billion in March 2023.

Binance Maintains Its Leadership

While the monthly volume of crypto exchanges dropped to the lowest levels of 2023 at $304.46 billion in September, more than 40% of the total volume was recorded on Binance, the largest crypto exchange in terms of trading volume globally. Binance’s total volume in September was $126.93 billion.

However, Binance, despite maintaining its leadership in terms of total volume, has suffered a significant blow after coming under the radar of regulators following the SEC’s lawsuit in recent months. In this process, Binance also experienced significant decreases in market share, and its trading volumes hit the lowest levels of 2023. The total volume recorded on Binance in September was $126.93 billion, while the total volume recorded in March was $556.36 billion.

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