Binance and Coinbase Record Over 30% Decline in Volumes

Binance and Coinbase Record Over 30% Decline in Volumes

full version at coingape

Centralized crypto exchanges (CEX) have seen huge outflows in the last 24 hours with Binance, Coinbase, Bybit, and OKX recording over 30% decline in volumes. On-chain data shows sharp exits from centralized exchanges with analysts speculating wider market sell-offs and possible long-term buys by some bulls. 

Intra-day crypto trading has declined as most assets lose previous gains as sentiments flip. Market leader Bitcoin is down 1.21% exchanging hands at $69,836. Although weekly gains remain green, CEX volumes are depleting causing a roadblock to previous runs.

Binance and Coinbase Mark Exits 

Leading crypto centralized exchanges Binance and Coinbase have seen declined activities today. Binance posted a $23.7 billion daily volume, a 31% volume decline amid a wider crypto-asset plunge. This week, Binance and other exchanges saw inflows as bullish pressure ticked upwards triggered by positive macroeconomic sentiment and spot ETH ETF anticipation. 

Coinbase, the largest crypto exchange by volume in the United States saw outflows hitting 47.9% following market uncertainties. Trading volume was pegged above $3 billion. Bybit, the second-largest global exchange by volumes plummeted 30.5%. Despite outflows, trading activity stood at around $5.04 billion. 

OKX saw similar outcomes as trading volumes plunged 37.9% to $3.8 billion. Other centralized crypto exchanges also marked reduced numbers following the release of the UK inflation data. Although inflation rates dropped to 2.3%, it missed the 2.1% mark projected by analysts. While this points to declined sentiments, crypto bulls on social media spaces maintain pressure on the market expecting a new run.

Crypto Prices Plunge 

Crypto assets have plummeted today as losses cut across Bitcoin, Ethereum (ETH), and meme coins. According to on-chain analytics firm, Coinglass, the market saw $180 million in liquidations in the last 24 hours. ETH which rallied the market with 23% gains yesterday is down 2.24% while Ripple (XRP) and Cardano (ADA) are down 3.16% and 5.34% respectively. 

Both assets also saw reduced trading volumes as mid-week trading continued sideways. Meme coins recorded outflow although PEPE defied the current market direction. Dogecoin (DOGE) is down 1.5% while Shiba Inu (SHIB) and Popcat trades at 1.9% and 9.5% losses. 

Also Read: Pro-XRP Lawyer John Deaton Reacts To SEC’s Turnaround On Spot Ethereum ETF

The post Binance and Coinbase Record Over 30% Decline in Volumes appeared first on CoinGape.

Recent conversions

1.1 BTC to BTC 93 ETH to AUD 38 ETH to ETH 0.00018 BTC to USD 600000 KRW to GBP 17 BTC to CAD 0.00036 BTC to CHF 10 SATS to NZD 0005 BTC to ETH 0.00100 BTC to AUD 1 MATIC to ETH