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It's Big & Big #CryptoClampdown Volume in $5.68 Trillion Ending of Seven Month !!!

Crypto Cumulative Monthly Trading Volume Falls to $6.58T Ending Seven Month Streak

Data shows that crypto trading volume for spot and derivatives markets fell for the first time in seven months.

The total volume of crypto trading reduced in April, a notable end to a seven-month period of increases.

The first plunge in crypto trade volume in seven months likely resulted from several factors, including a reduction in inflows recorded among spot Bitcoin exchange-traded funds (ETFs) in the US market. Another factor is an increase in geopolitical tensions.

Crypto Trading Volume in April Fell from Record High

According to information contained in a report from London-based crypto data provider CCData, the cumulative volume of trades in the spot and derivatives markets dropped to $6.58 trillion, a 43.8% plunge. This is a considerable reduction from the record $9.12 trillion recorded in March.

The report showed that Bitcoin (BTC), the world’s largest cryptocurrency by market cap, fell by about 15% last month to less than $60,000. The report reads:

“This decline followed unexpected macroeconomic data, an escalation in the geopolitical crisis in the Middle East, and negative net flows from US spot Bitcoin ETFs, leading to major crypto assets retracing the gains they made in March.”

The CCData report also showed that Binance was still the largest crypto exchange by volume despite all of its regulatory problems in multiple jurisdictions.

However, its combined share of the spot and derivatives market dropped to 41.5%. In addition, Binance’s April spot market trading volume hit $679 billion, falling by 39.2%. 

This is the company’s first crash since September 2023. CCData notes that the fall in Binance’s market share may also be an effect of founder and former CEO Changpeng Zhao’s problems with US authorities.

Zhao was recently sentenced to a four-month prison term for violating US money laundering laws. Last year, Zhao left his role as CEO, and Richard Teng took over.