{"id":9583,"date":"2021-07-14T08:54:07","date_gmt":"2021-07-14T08:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/cryptocurrency-trading-volumes-decreased-40-in-june\/"},"modified":"2021-07-14T08:54:07","modified_gmt":"2021-07-14T08:54:07","slug":"cryptocurrency-trading-volumes-decreased-40-in-june","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/cryptocurrency-trading-volumes-decreased-40-in-june\/","title":{"rendered":"Cryptocurrency Trading Volumes Decreased 40% in June"},"content":{"rendered":"

Cryptocurrency trading volumes decreased significantly in June according to data from Cryptocompare, a price and volume tracking organization. Volumes traded diminished by at least 40% month-on-month, with spot and derivatives trading both suffering due to the mining and trading crackdown in China, amongst other factors. The resulting volatility seems to have made many traders lose interest.<\/strong><\/p>\n

Trade Volumes Kept Falling in June<\/h2>\n

Cryptocurrency trading volumes experienced a sharp decline in June, according to data from Cryptocompare. The data collected by the price and volume tracking organization shows that trading, in general, experienced a slump of at least 40%. Spot volumes suffered the most, with users trading 42.7% less compared to volumes in May. In total, $2.7 trillion was traded last month.<\/p>\n

Derivatives trading also suffered a sharp decline. Trading fell 40.7% month-on-month to $3.2 trillion. Analysts state this decline has to do with one key reason: the mining and cryptocurrency trading crackdown<\/a> that happened in China last month. This caused crypto traders to be wary of the future of the market and precipitated the plunge in volume. Cryptocompare stated:<\/p>\n

Headwinds continued as China persisted with its crackdown on bitcoin mining. As a result of both lower prices and volatility, spot volumes decreased.<\/p>\n

<\/p>\n

Internet Traffic to Exchanges Also Fell<\/h2>\n

Consequently, internet traffic to exchanges also fell<\/a> drastically. Exchanges got 369.1 million visits in June, a drop of 42.2% month-on-month, according to research from The Block. While Binance experienced a sharper trading volume drop of 56%, it managed to retain the top position in spot trading volumes.<\/p>\n

There might be other reasons why customers are avoiding Binance right now. Multiple organizations<\/a> have been blocking<\/a> payments to the exchange since last week. Also, the exchange has faced opposition for not complying with local laws in several<\/a> countries<\/a> since last month.<\/p>\n

But perhaps the most likely catalyst for this fall is the decline in bitcoin prices affecting the cryptocurrency market. Bitcoin touched $60K+ in April, and it now trades in the $30K-$35K stripe. This has discouraged swing traders and chilled the cryptocurrency craze that was in full effect earlier this year.<\/p>\n

Some analysts believe this decline will continue in the near future. Scott Minerd, CIO of Guggenheim Partners, stated<\/a> that bitcoin\u2019s \u201creal bottom\u201d might be around $10K last week. At the time of writing, bitcoin is trading just under $33K.<\/p>\n

What do your think about the decline in trading volumes that happened in June? Tell us in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, Binance, Bitcoin, Cryptocurrency, Exchanges, Prices, trading volumes<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency trading volumes decreased significantly in June according to data from Cryptocompare, a price and volume tracking organization. Volumes traded diminished by at least 40% month-on-month, with spot and derivatives trading both suffering due to the mining and trading crackdown in China, amongst other factors. The resulting volatility seems to have made many traders lose…<\/p>\n","protected":false},"author":0,"featured_media":9584,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9583"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9583"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9583\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9584"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}