- This follows from Kaiko’s quarterly report.
- At the same time, we see a massive shift in the capital market
- Cryptocurrency moves from American to Asian markets
By data According to Kaiko analysts, in Q2 2023, spot cryptocurrency trading volumes plummeted to 2020 lows.
The largest losses were recorded by the Binance platform. The trading volume here decreased by almost 70%. Analysts believe that a lot of reasons led to this. These are lawsuits in the US, withdrawal of banking partners, regulatory problems in Europe, etc. Also, the exchange in the 2nd quarter returned the commission for its liquid BTC pairs. This also contributed to the decline in volumes.
Exchanges Coinbase, Kraken, OKX in the 2nd quarter showed a decline in trading volumes by more than 50%.
Massive shift in the capital market
In the last week of June, trading volumes on South Korean exchanges rose to record highs. They reached a daily rate of $4 billion. Of these, $3.6 million were altcoins.
The volume of trades denominated in KRW exceeded the volume of trades in dollars for the first time in history. This happened after the hype for WAVES tokens and Bitcoin Cash (BCH).
Last Thursday, the largest local exchange, Upbit, recorded over $350 million worth of BCH/KRW trading volume. And the Bitcoin Cash coin itself has grown by more than 200% in recent days. The price frenzy began after the news that the BCH asset appeared on the listing of EDX Markets. This is a new American exchange for institutionals. Its discovery fuels the interest of large investors.