Binance trading volume has dropped to its lowest level since October 2020

Haru Invest

Daily crypto trading volume on Binance fell to $9.39 on December 23, the lowest since October 2020, according to data from Nomix.

Compared to November 8, the daily trading volume on Binance exceeded $172 billion, the latest data suggests a drop of more than 94.5% in the last 24 hours. With the upcoming holiday season and a breeding bear market, trading volumes on most central exchanges have been impacted.

Coinbase’s daily trading volume has dropped to $1.11 billion since November 2020. Similarly, the daily cryptocurrency trading volume on OKX dropped to $6.39 billion the previous day, the lowest since April 2021, according to Nomics data.

According to a study published by CoinGecko, the trading volume of crypto derivatives increased by 24% after the FTX crash. According to the study, the reason for the drop in trading volume is that after the FTX crash, traders stopped or reduced their trading activity. Additionally, the study added that trading activity generally slows down towards the end of the year.

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