Binance and Coinbase Record Over 30% Decline in Volumes
Highlights
- Binance and Coinbase recorded reduced volumes of 31% and 47% respectively.
- Bybit and OKX also posted reduced volumes at 30.5% and 37% respectively.
- This comes as crypto assets plunge due to reduced market sentiment.
Centralized crypto exchanges (CEX) have seen huge outflows in the last 24 hours with Binance, Coinbase, Bybit, and OKX recording over 30% decline in volumes. On-chain data shows sharp exits from centralized exchanges with analysts speculating wider market sell-offs and possible long-term buys by some bulls.
Intra-day crypto trading has declined as most assets lose previous gains as sentiments flip. Market leader Bitcoin is down 1.21% exchanging hands at $69,836. Although weekly gains remain green, CEX volumes are depleting causing a roadblock to previous runs.
Binance and Coinbase Mark Exits
Leading crypto centralized exchanges Binance and Coinbase have seen declined activities today. Binance posted a $23.7 billion daily volume, a 31% volume decline amid a wider crypto-asset plunge. This week, Binance and other exchanges saw inflows as bullish pressure ticked upwards triggered by positive macroeconomic sentiment and spot ETH ETF anticipation.
Coinbase, the largest crypto exchange by volume in the United States saw outflows hitting 47.9% following market uncertainties. Trading volume was pegged above $3 billion. Bybit, the second-largest global exchange by volumes plummeted 30.5%. Despite outflows, trading activity stood at around $5.04 billion.
OKX saw similar outcomes as trading volumes plunged 37.9% to $3.8 billion. Other centralized crypto exchanges also marked reduced numbers following the release of the UK inflation data. Although inflation rates dropped to 2.3%, it missed the 2.1% mark projected by analysts. While this points to declined sentiments, crypto bulls on social media spaces maintain pressure on the market expecting a new run.
Crypto Prices Plunge
Crypto assets have plummeted today as losses cut across Bitcoin, Ethereum (ETH), and meme coins. According to on-chain analytics firm, Coinglass, the market saw $180 million in liquidations in the last 24 hours. ETH which rallied the market with 23% gains yesterday is down 2.24% while Ripple (XRP) and Cardano (ADA) are down 3.16% and 5.34% respectively.
Both assets also saw reduced trading volumes as mid-week trading continued sideways. Meme coins recorded outflow although PEPE defied the current market direction. Dogecoin (DOGE) is down 1.5% while Shiba Inu (SHIB) and Popcat trades at 1.9% and 9.5% losses.
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