The top 10 centralized crypto exchanges (CEXs) recorded a spot trading volume of $1.12 trillion in Q3 2023, indicating a significant drop from the second quarter total of $1.42 trillion. Dollars.
According to CoinGecko 2023 Q3 crypto-report” data-wpel-link=”external” target=”_blank”>crypto Industry Report, third quarter spot trading volume for the top 10 CEXs represented a 20.1% decline from the second quarter. Analysts called the quarter turbulent for crypto exchanges.
CEX spot trading volume plummeted in Q3
Among major CEXs, Binance, the world’s largest, saw a significant drop in its market share. The stock market share fell to a yearly low of 44% in September from a yearly high of 66% in February. Analysts attributed the decline to pressure from several regulators and the platform’s departure from multiple markets, as well as the departure of some of its top executives.
Binance faces scrutiny from regulators such as the US Securities and Exchange Commission (SEC) and the Department of Justice. The exchange is in a legal dispute with the SEC over several allegations of securities law violations. This has impacted the trading volume of the platform, especially in the US.
In addition to Binance, other exchanges recorded gains and losses in their market shares. KuCoin dropped out of the top 10, while HTX (formerly Huobi) regained its place as third. Upbit and Bybit gained 4.6% and 6.9% in market share, respectively.
On the other hand, the top 10 decentralized exchanges (DEXs) witnessed a 31.2% drop in their spot trading volume, which amounted to $105 billion. THORChain emerged as the biggest gainer with a 113% increase in volume, while SushiSwap dropped out of the top 10, and Orca Finance took its place with a 1% market share.
Total crypto market capitalization fell by 10%
Furthermore, the market capitalization of the top 15 stablecoins decreased by 3.8% to $121.3 billion. USD Coin (USDC) posted the biggest losses at $2.26 billion, while Binance USD (BUSD) saw the biggest percentage drop of 45.3% after Binance removed support for the asset.
Non-fungible token (nft) trading volumes plummeted 55.6%, from $3.67 billion in the second quarter to $1.63 billion in the third quarter. CryptoPotato reported that the third quarter was the worst quarter for nft sales in almost three years.
Overall, the total crypto market capitalization plummeted 10% in the third quarter, while average trading volume fell 11.5% to $39.1 billion.
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