Crypto exchange volumes significantly dropped in June
New research from CryptoCompare reveals that in June, trading volumes on top tier spot exchanges dropped by 36%.
As to the lower tier spot volumes, they decreased by 53% over the same period of time. That’s a loss of $177 billion and $466 billion, respectively.
At the same time, crypto derivatives exchanges faced a 35.7% drop in volume to $393 billion. The report states that’s the lowest monthly volume in 2020 so far.
Along with that, total spot volumes have decreased by 49.3% to $624.6 billion. As of June, derivatives have gained market share and represented 37% of the market, compared to 32% in May.
According to data, Binance and OKEx remained the top players in terms of trading volumes as of June 2020. They currently represent 3/4 of spot volumes among other leading 15 top tier exchanges.
For instance, Binance became the largest top tier exchange by volume, trading $41.8 billion (down 19.6%). It was followed by OKEx and Coinbase with $40.6 billion (down 29.0%) and $6.86 billion (down 38.5%), respectively.
We’ve reported that Coinbase has announced the launch Rosetta, an open-source toolkit that makes integrating with blockchains simpler, faster, and more reliable.