About $90 billion of the global crypto market cap was wiped out in August, as perAugust sees lowest trading volumes of 2023by digital assets data provider CCData. In fact, August registered the lowest combined spot and derivatives trading volume in 2023, plunging 11.5% to $2.09 trillion.The total spot trading volume plunged to $475 billion in August, representing a sharp drop of 7.78% from the previous month.
According to CCData, the wild swings in August were caused by two major factors. First was Elon Musk’s spacecraft engineering company SpaceX’s reported sale of its BTC . The liquidation caused panic amongst other investors, leading to a sharp fall in prices during mid-month.against the U.S. Securities and Exchange Commission at the end of the month led to a temporary price pump. These fluctuations hindered accumulation of crypto assets.On expected lines, the lackluster trading activity was mostly driven by the underperformance of top exchanges. Top-tier spot volumes tanked nearly 12% in August.
Since the start of the year, Binance has lost nearly 13% of its market share, representing the worst decline amongst major exchanges.