All 10 Crypto Exchanges See 6 Ups and 4 Downs in January's Spot Volumes
Based on spot trading volume data since January 2024, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth that began in December seems to have staggered a bit, with six exchanges among the top ten achieving a month-over-month increase in trading volume, and the other four seeing decline.
The largest increase was seen in LMAX Digital, with a 18.21% growth, while the largest decrease was from Gate.io, at 27.77%. The specific data are as follows:
The world's largest cryptocurrency exchange had a spot trading volume of US$446.05, in January, a 3.10% growth from US$432.65 billion US dollars in December.
In January, Binance has bowed to pressure from customers who want to hold their assets with an independent custodian, highlighting traders' growing unease over the safety of the world's largest cryptocurrency exchange since it was fined by US authorities last year.
The Korean crypto exchange Upbit had a spot trading volume of US$90.25 billion in January, down 1.12% from US$91.79 billion in December.
OKX had a spot trading volume of US$85.44 billion in January, down 2.30% from US$87.45 billion in December.
OKX announced that it will discontinue its Mining Pool and related services on February 26, 2024.
According to the announcement, new user registrations for the Mining Pool feature have already been halted since January 26, 2024. However, existing users will still be able to utilize the service until February 25, 2024.
The Dubai-based crypto exchange Bybit had a spot trading volume of US$84.15 billion in January, up 2.58% from US$82.03 billion in December.
The leading US exchange Coinbase had a spot trading volume of US$75.85 billion in January, up 8.48% from US$69.92 billion in December.
Coinbase plans to offer crypto-linked derivatives in the European Union, and it's planning to acquire a company with a license to do so.
The U.S. cryptocurrency exchange said that it entered into an agreement to buy an unnamed holding company which owns a MiFID II license.
HTX had a spot trading volume of US$57.92 billion in January, up 17.25% from US$49.4 billion in December.
The crypto exchange Gate.io, which was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of US$38.41 billion in January, down 27.77% from US$53.18 billion in December.
Kraken had a spot trading volume of US$30.89 billion in January, up 5.25% from US$29.35 billion in December.
On January 25, Kraken announced the appointment of Gilles BianRosa as Chief Operating and Product Officer (COO/CPO) and Marcus Hughes as Global Head of Regulatory Strategy, to drive the firm's continued growth amid evolving global regulatory environments.
The offshore-regulated crypto exchange Kucoin had a spot trading volume of US$30.33 billion in January, down 4.41% from US$31.73 billion in December.
LMAX Digital is a crypto exchange operated by the UK FCA-regulated LMAX Group. It had a spot trading volume of US$22.92 billion in January, up 18.21%from US$19.39 billion in December.
The spot trading volume of digital assets in January hit a 19-month high, close to $1.4 trillion, but still lower than the monthly average level during the crypto bull market in 2021. Market insiders expect the trading volume to reach the 2021 level by the end of the year, especially Bitcoin.
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