April Crypto Spot Volumes Level Out, 8 Out of 10 Exchanges See Fall
Based on spot trading volume data since April 2024, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth dropped 36.34% compared to last month. However, the month-on-month decline seen in April is more of a level-out since the explosive growth in March, of which the average surpassed 100%. And the numbers of April still see a 38.50% growth compared to the ill February. The specific data are as follows:
The world's largest cryptocurrency exchange had a spot trading volume of US$699.25 billion, in April, a 38.12% drop from US$1.13 trillion in March.
As the United States authorities are preparing to give a sentence to Binance founder Changpeng "CZ" Zhao on April 30, prosecutors have requested jail time for the former CEO.
Binance founder Zhao should serve 36 months in prison after pleading guilty to violating laws against money laundering, U.S. prosecutors said in a court filing on April 23.
The Dubai-based crypto exchange Bybit had a spot trading volume of US$138.38 billion in April, down 25.83% from US$186.57 billion in March.
This crypto exchange announced the launch of Dynamic Delta Hedging (DDH), a feature for institutions and professional traders, enabling them to navigate market volatility with precision.
OKX had a spot trading volume of US$110.72 billion in April, down 35.26% from US$171.02 billion in March.
Long-term senior OKX executives Tim Byun, who was in charge of global government relations at the world's second-largest cryptocurrency exchange, and Head of Product Wei Lan have both recently left the company, according to people familiar with the matter.
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$99.7 billion in April, up 16.28% from US$85.74 billion in March.
The Korean crypto exchange Upbit had a spot trading volume of US$94.12 billion in April, down 57.50% from US$221.45 billion in March.
The leading US exchange Coinbase had a spot trading volume of US$89.85 billion in April, down 42.88% from US$157.29 billion in March.
The exchange has announced the integration of Apple Pay, allowing its users to purchase digital assets such as Bitcoin directly using their iPhones.
HTX had a spot trading volume of US$71.35 billion in April, down 13.32% from US$82.31 billion in March.
Kraken had a spot trading volume of US$33.08 billion in April, down 32.87% from US$49.28 billion in March.
Kraken is acquiring TradeStation Crypto, the digital asset-focused division of online brokerage TradeStation, to expand its regulatory licensing in the U.S.
The offshore-regulated crypto exchange Kucoin had a spot trading volume of US$29.86 billion in April, down 60.06% from US$74.77 billion in March. Kucoin suffered the biggest drop out of the ten exchanges, and it is the only one that has comparatively dropped compared to the February numbers, down 12.82%.
LMAX Digital is a crypto exchange operated by the UK FCA-regulated LMAX Group. It had a spot trading volume of US$19.7 billion in April, up 5.12%from US$18.74 billion in March.
Amidst the tightening of the global economic environment, the crypto market saw a recalibration of prices in April. Notably, with the sustained robust growth of the U.S. economy and the persistent rise in inflation levels, the likelihood of the Federal Reserve cutting interest rates within the year has significantly diminished, exerting downward pressure on the crypto market.
Nevertheless, when considering the overall trajectory of growth within the crypto industry, the outlook remains optimistic. Factors such as Bitcoin's halving, the burgeoning Ethereum ecosystem, and potential positive developments in U.S. stablecoin legislation all indicate the industry's strong growth momentum.
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