Coinbase exchange crumbles as trading volumes plummet by 83% since January
Coinbase, one of the most popular crypto exchanges in the world, is facing a hard time. Since the golden era of cryptocurrencies, which was during December 2017, it’s trading volumes have plummeted by over 83%, which is one of the highest for any exchange.
A recent report from Diar on ‘Digital Currency, Assets, Payments & Regulation’ stated that the trading volumes of Coinbase have reduced greatly since the beginning of the year. During its peak, Coinbase had a trading volume of $21 billion. But now, it has been reduced to a mere $3.9 billion.
Binance, the largest exchange in the world, has also seen a considerable reduction in trading volume. The numbers have decreased from $17.5 billion in January to $11.3 billion in July. However, this is just a 36% reduction in trading volumes, compared to Coinbase’s 83%.
The charts provided on the report are as follows:
As seen from the above stats, Bitstamp and Kraken exchanges have also suffered major downfalls. Bitstamp’s volumes have reduced by over 80% and Kraken’s have reduced by 60%.
However, OKEx, the second largest exchange, is having a great time at the moment. Though its volumes reduced during the month of April, May and June, it bounced back to $5.7 billion during the month of July. This is something notable as most other exchanges were on the downward graph, while OKEx is bouncing back.
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