For now, Gary Gensler and the invisible hands supporting him are the clear winners of the showdown between the SEC and the crypto industry. Will he end up leaving as the great number wishes (elected and enthusiastic alike)? While awaiting his departure or a possible relaxation of his policy, Kaiko analysts warn of a significant drop in spot transaction volume on Binance and other well-known crypto exchanges.
Kaiko’s Alarming Crypto Stats for Binance
The tricolor crypto Bloomberg, Kaiko, has just published its periodic report pertaining to the cryptocurrency industry. At first glance, the data shared by the analytics company looks pretty pep for crypto-enthusiasts.
” Crypto Markets Ended the Quarter on a High Note “hires Kaiko.
As for the sequel, you won’t be surprised by the mention of ” historically low levels » trading volumes.
U°Today speaks of a pain affecting Binance over the past three months. Indeed, the spot trading volume registered by this popular crypto exchange fell sharply. The balance sheet seems heavy : less than 70% aggregate spot trading volume (all pairs combined).
The media believes that Binance has recovered to its levels of three years ago. More precisely in the fourth quarter of 2020, if we take these statistics into account. At that time, the bitcoin was emerging from a deep and long crisisthat which occurred between 2018 and 2020.
The other scholarships also affected
In early June, the SEC loaded a large number of crypto exchanges deemed to be irregular. Binance was the first to be worried. Coinbase also suffered the same fate. His boss Brian Armstrong has promised a merciless fight in the event of any complications in the case.
Unfortunately, Coinbase, like Kraken and OKXalso suffered the same fate as Binance in the second quarter of 2023. The volume of spot trades recorded on these platforms has relatively declined.
” Despite the ongoing June rally, spot trading volumes declined significantly in the second quarter, falling to their lowest level since 2020. Binance saw the largest drop in trading activity, with these volumes falling crashing nearly 70% after the exchange reintroduced fees for its most liquid BTC pairs. However, trading volumes on Coinbase, Kraken, OKX and Huobi also fell by more than 50% on 2e quarter. »
In addition to crypto exchanges, some altcoins were worried by the Securities and Exchange Commission a month ago.
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