Cryptocurrency trading volumes slump 40{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} in June, data shows By Reuters



© Reuters. Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) – Trading volumes at major cryptocurrency exchanges fell by more than 40{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} in June, research showed on Monday, with a regulatory crackdown in China and lower volatility among the factors depressing activity.

Spot trading volumes fell 42.7{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} to $2.7 trillion, with derivative volumes down 40.7{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} to $3.2 trillion, London-based researcher CryptoCompare’s data showed.

“Headwinds continued as China persisted with its crackdown on bitcoin mining,” CryptoCompare said. “As a result of both lower prices and volatility, spot volumes decreased.”

, the largest cryptocurrency, fell more than 6{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} last month, touching its lowest since January, as authorities in China tightened restrictions launched a month earlier on bitcoin trading and mining.

It had tumbled 35{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} in May, with its losses sparked by Beijing’s moves to rein in the fast-growing sector. Crypto trading volumes tend to spike during periods of extreme price swings.

Major cryptocurrency exchange Binance, which has faced scrutiny from regulators across the world, retained its position as biggest platform by spot trading volume, CryptoCompare said. Still, volumes at Binance fell 56{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} in June to $668 billion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Previous post Evli Bank is demerging through a partial demerger into a new asset management company that is to be listed and a company that will continue banking services and into which Fellow Finance will merge
Next post New Study: 67 Percent With Less Stable Incomes Use Restaurant Rewards To Make Ends Meet