Trade in cryptos such as Bitcoin fell sharply in June. Read here with how much and why.
Last month was not a good month for cryptos. The prices went down considerably and the sentiment is not really positive. Cryptocompare is an organization that measures prices and volumes follows of digital currencies. Last June, trading volumes dropped significantly.
Trade cryptos sharply down
Traded volumes were down at least 40% from the previous month, with spot and derivatives trading both suffering from the crackdown on mining and trading in China. Due to the volatility, many traders seem to have lost interest. Or at least the interest has fallen sharply.
Cryptocurrency trading volumes fell sharply in June, according to data from Cryptocompare. The data shows that overall trading was down at least 40%. Spot volumes suffered the most, with users trading 42.7% less compared to May volumes. A total of $2.7 billion was traded last month. The headwinds came mainly from China persisting with its crackdown on Bitcoin mining.
Internet traffic to exchanges
Internet traffic to the trading platforms also decreased. They received 369.1 million visits in June, a decline of 42.2% month-over-month, according to research by The Block. Although Binance experienced a sharper drop in trading volume of 56%, the company still managed to maintain its top spot in spot trading volumes.
There are also other reasons why customers are avoiding Binance at the moment. Several organizations have been blocking payments to the exchange since last week. The exchange has also faced opposition since last month, as the platform failed to adhere to local laws in several countries.
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