Coinbase Trading Volume Plummets 83% Since January
Coinbase, the largest crypto exchange in North America, has seen its trading volumes plunge 83% since January. According to data from CoinApi, the crypto research firm Diar showed that the San Francisco-based company is struggling to keep investment activity during this bear market.
Coinbase Trading Volume Drops
For several years running, Coinbase has been one of the most important—and news-covered—cryptocurrency platforms. In July, it registered a $3.9 billion dollars as trading volume, compared to $21 billion in January.
And Coinbase is not the only crypto trading platform experiencing a drop in trading volume. Bitstamp and Kraken, which offer USD trading pairs, have seen their trading volumes plummet. This is not a good sign for the cryptocurrency community, as investor interest seems to be waning in a big way.
Still though, Binance, one of the biggest virtual currency exchanges by trading volume, has seen less of a decline. In this case, the trading volume in BTC, ETH, BCH, and LTC, fell from $17.5 billion dollars in February to $9.4 billion dollars in June.
And OKEx, typically the second largest exchange by trading volume, registered an increase in trading volume between June and July. OKEx actually registered a new record in terms of trading volume for these pairs. It increased from $2.8 to $2.9 billion dollars.
These results are related to a decreased interest in Bitcoin and other cryptocurrencies. We can see that, according to Google Trends, the term ‘Bitcoin’ is close to its lowest point.
At the moment, companies in the cryptocurrency and blockchain sector are working to create infrastructure to prepare for the next bull run. Coinbase is working on is expansion plans in the United Kingdom, Europe, and Japan.
At the same time, it is working side by side with the U.S. Securities and Exchange Commission. The intention is to be compliant with future and current regulations.
Currently, Binance, OKEx, Huobi, and ZB.com are the most visited cryptocurrency exchanges in the market. All together have a trading volume of more than $2,600 billion dollars in the last 24h hours.