Major Crypto Exchange Volumes Begin To Slip Amid SEC Onslaught

[ad_1]

The world’s leading crypto exchanges are seeing trading volumes plummet across the board. Additionally, the fallout from Americas war on crypto exchanges seems to affect them all.

All major crypto exchanges have seen steep declines in trading volumes over the past 24 hours. However, weekends are generally quieter in the crypto markets, and the data might not be so bad.

Crypto Exchange Volumes Plunge

Billions of dollars left centralized exchanges last week following twin lawsuits and heavy-handed enforcement action by the U.S. Securities and Exchange Commission.

However, the recent drop in volumes can be seen as positive since the exodus from foreign exchange seems to have eased.

According to CoinMarketCap, crypto trading volume for the top nine exchanges has fallen between 30% and 55% in the past 24 hours.

Trading volume on Binance fell 33.4% to $5.6 billion, with BTC/USDT being the most traded pair at 23.3% of that total.

Additionally, Coinbase, also being sued by the SEC, saw its 24-hour volume drop by 41%. It also saw an increase in staked Ethereum redemptions as fears over its staking services mounted last week.

Kraken, Bitstamp and Bitfinex volumes had fallen by more than 50%.

Top crypto exchange trading volumes. Source: CoinMarketCap

Additionally, Binance has seen significant outflows over the past seven days. According to Glassnode, its BTC balance has decreased by 5.7% or around $1 billion in Bitcoin since the SEC action last week.

However, this loss is minimal compared to the outflows that followed FTX’s collapse in November.

Over the weekend, Binance CEO Changpeng Zhao warned investors not to read the FX outflow numbers too much. Many analytics platforms use the TVL (total value locked) metric, which includes the decline in crypto asset prices.

DeFiLlama, for example, states that there was a $3.4 billion outflow from Binance in the past week. However, the crypto market capitalization has shrunk by more than $80 billion over the same period, so its data is slightly skewed.

Binance TVL fell 13.8% from $64.2 billion to $55.3 billion on June 11, but that includes the fall in the value of crypto assets.

Volumes return to normal

On June 12, CoinMarketCap reported daily volume of $26.4 billion. This is about half of the daily trading volume of $54 billion recorded on June 6, when panic gripped the markets.

Total trading volume is back to where it was before the SEC’s double whammy last week.

Selling eased and total market capitalization remained virtually unchanged over the weekend.

Disclaimer

In accordance with the guidelines of the Trust Project, BeInCrypto is committed to providing impartial and transparent reports. This news article aims to provide accurate and timely information. However, readers are urged to independently fact-check and seek professional advice before making any decisions based on this content.

[ad_2]