- Centralized crypto exchanges (CEX) have seen significant volume declines as market sentiments plunge.
- Major exchanges like Binance and Coinbase have recorded volume reductions of 31% and 47%, respectively.
- Other exchanges such as Bybit and OKX have also experienced decreased volumes, with declines of 30.5% and 37%.
Discover the latest trends in the crypto market as centralized exchanges face substantial volume declines amid plunging market sentiments.
Binance and Coinbase Mark Exits
Leading centralized crypto exchanges Binance and Coinbase have reported significant declines in trading volumes. Binance posted a $23.7 billion daily volume, marking a 31% decline amid a broader crypto-asset plunge. This week, Binance and other exchanges saw inflows as bullish pressure increased, triggered by positive macroeconomic sentiment and anticipation of a spot ETH ETF.
Coinbase, the largest crypto exchange by volume in the United States, saw outflows hitting 47.9% due to market uncertainties. Trading volume was pegged above $3 billion. Bybit, the second-largest global exchange by volume, plummeted 30.5%, with trading activity around $5.04 billion despite the outflows.
Impact on Other Exchanges
OKX experienced similar outcomes, with trading volumes plunging 37.9% to $3.8 billion. Other centralized crypto exchanges also marked reduced numbers following the release of the UK inflation data. Although inflation rates dropped to 2.3%, missing the 2.1% mark projected by analysts, crypto bulls on social media spaces maintain pressure on the market, expecting a new run.
Crypto Prices Plunge
Crypto assets have plummeted today, with losses cutting across Bitcoin, Ethereum (ETH), and meme coins. According to on-chain analytics firm Coinglass, the market saw $180 million in liquidations in the last 24 hours. ETH, which rallied the market with 23% gains yesterday, is down 2.24%, while Ripple (XRP) and Cardano (ADA) are down 3.16% and 5.34%, respectively.
Both assets also saw reduced trading volumes as mid-week trading continued sideways. Meme coins recorded outflows, although PEPE defied the current market direction. Dogecoin (DOGE) is down 1.5%, while Shiba Inu (SHIB) and Popcat trade at 1.9% and 9.5% losses.
Conclusion
The recent decline in trading volumes across major centralized crypto exchanges highlights the volatile nature of the market. As market sentiments continue to fluctuate, traders and investors should remain cautious and stay informed about the latest developments. The future outlook remains uncertain, but ongoing market analysis and strategic investments could provide opportunities for growth.
