Despite several positive news, significant events, and certain improvements of blockchains, the monthly volume in the past month of September on cryptocurrency exchanges records the lowest level in this current year.
According to the latest data from The Block, the total volume recorded on crypto exchanges in September it was 304.46 billion US dollars.
Reasons for this drop in trading volume, but also in interest in shopping and exchange crypto assets lies in a couple of key events. First of all the delay in the approval of Bitcoin trading funds (ETFs), then the decision of the Federal Reserve System System -FED) on the level of interest rates, and the situation in the court process between the two belligerents side – Binance and the US Securities and Exchange Commission (SEC).
Even after the FED’s decision to keep the interest rate unchanged, which was accompanied by price stability in crypto asset markets, with a very low level of volatility, has not been reciprocated by increasing the volume of cryptocurrency trading.
The low volatility of cryptocurrencies in September actually led to a significant decrease in volume trading. The total volume recorded on crypto exchanges has seen a staggering drop from beginning of 2023.
According to The Block, the total volume of crypto exchanges fell to 304.46 billion dollars in September, which is the lowest level in 2023. Comparatively speaking, that number is in August amounted to about 423 billion dollars.
According to the collected data of the analytical blockchain company The Block, the largest volume of trading on world exchanges was recorded during the month of March this year, s which concluded the upward trend of increasing trading volume on the world market crypto exchanges since the beginning of the calendar year. From the active world cryptocurrency exchange, Binance has maintained throughout the months, including in September of this year primacy, as an exchange with the largest trading volume.
Given the trading volume in the last twenty-four hours, CoinTiger undoubtedly takes first place with a trade turnover of 11.8 billion US dollars, followed by Binance with 3.6 billion US dollars, and Topcredit Int., Bitspay, IndoEx, BIKA and BitForex with a volume over one billion US dollars.