JAKARTA The world's largest crypto trading company, Binance, reportedly experienced a decline in daily trading volume to a decline of 9.39 billion US dollars on 23 December. The decline is the lowest since October 2020.
According to reports of the Nomics crypto trading index data, compared to November 8, when the daily trading volume in Binance passed $172 billion, the latest data showed a decline of more than 94.5 percent in the past 24 hours.
The decline was triggered by the arrival of the holiday season and a prolonged bearish market. This condition triggered a decline in transactions on leading crypto exchanges.
Meanwhile, Coinbase's daily trading volume fell to its lowest level since November 2020 to $1.11 billion over the past 24 hours, according to data from Nomics. Likewise, the daily cryptocurrency trading volume in OKX fell to $6.39 billion over the past day, its lowest since April 2021, according to Nomics data.
According to research published by CoinGecko, the trading volume of crypto derivatives on the exchange has slumped 24 percent since the collapse of FTX. According to the research results, the possible reason for the decline in trading volume is because traders have stopped or reduced their trading activity since the fall of FTX, reported by CryptoSlate.
The phase of the decline in the crypto market or bear market is still ongoing today since the trigger for the collapse of Terra LUNA in May 2022. Then last November, the bear market was exacerbated by the submission of the leading crypto exchange bankruptcy, FTX. Until now, the crypto market is still shaken and has not shown any signs of recovery.
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