Binance crypto exchange has seen a drop in spot trading volume for two consecutive months in April, falling 48% due to declining transaction levels throughout the industry.
According to CCData, trading volume dropped to $287 billion last month, the second-lowest level since 2021, while Binance’s market share fell to 46%.
However, Binance is not the only exchange facing this challenge. Centralized exchanges overall saw spot trading volume drop by 40% to the lowest level since December, attributed to the uncertainty surrounding macroeconomic conditions and the collapse of several U.S. banks.
Despite the dip in trading volume, Binance remains the largest exchange with Coinbase and OKX, the second- and third-ranked by volume, accounting for only 5.60% and 5.39% of total spot trading, respectively.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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