, have held on to their gains from June’s market rally. Apart from the temporary uptick after Ripple’s case verdict, both assets largely traded in tight ranges throughout July.
Furthermore, July’s volumes on CEXs were the second-lowest since December 2o20, only bettered by a similar low volatility phase in December 2022.The total spot trading volume plunged to $515 billion in July, a drop of more than 10% from the previous month. This was the second-lowest monthly volume recorded in 2023 after March.
The downturn was expectedly driven by the underperformance of top trading platforms, as top-tier volumes fell 10% in July. The world’s largest crypto exchangemarket share dipped for the fifth month in a row, underlining the barrage of regulatory onslaughts it faced in 2o23. On a year-t0-date basis, Binance’s market share contraction was even more alarming. It recorded the steepest decline, nearly 11%, among top trading platforms.the largest exchange operating in the U.S., registered a slight increase in its market share in July. Although volumes on Coinbase dipped 5.75% to $29 billion, Binance’s continuing woes allowed it to amass a slice of the latter’s pie.. Spot trading volume increased to nearly $30 billion in July, marking an impressive jump of 42.3%.
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Binance’s biggest market is China despite a crypto ban in the country: WSJAs per a recent WSJ report, Binance users exchanged $90 billion in crypto assets in a single month in China despite a crypto ban there.
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