Crypto Trading Volumes Show Narrowed MoM Decline in July, OKX Witnesses Slight Increase
In July, the crypto field continued to witness a harsh market condition. Many well-known crypto companies such as Three Arrows Capital, Voyager Digital, Celsius, and Zipmex filed for bankruptcy protection. The well-known broker eToro also joined the layoffs. Nevertheless, investors have remained enthusiastic in this sector, according to the funding data in Q2 2022. Besides, some countries have introduced laws to regulate and integrate cryptocurrencies as part of their economic systems. Can such passion of investors bring a turn to the crypto market? Fazzaco has collected data on the trading volume of top 6 crypto exchanges in July 2022 to analyze the market trend during the month.
The top six crypto exchanges described in this article include Binance, Coinbase, FTX, OKX, Huobi Global, and Crypto.com. As shown in the figure below, compared to the previous month, the trading volume of major exchanges kept a downward trend in July, but the decline narrowed. Meanwhile, the crypto exchange OKX stood out with slight increase in its trading volume.
Overall, Crypto.com saw the biggest month-on-month decline at 28.61%, followed by Coinbase and FTX at 13.92% and 13.45%, respectively. Binance was down just 2.22% and Huobi Global 9.67%. By contrast, OKX achieved a growth of 6.97%.
The detailed trading volumes of each crypto exchange are as follows:
Binance registered a total trading volume of $1.76 trillion in July, down only 2.22% from $1.8 trillion in June 2022.
This month, Binance canceled global Bitcoin trading fees to improve competitiveness, resulting in a three-day surge in its trading volume. Also, the bellwether futher expanded its global footprints by gaining licenses in Spain and Australia.
OKX saw an increase of 6.97% in its total trading volume in July with $518.81 billion, compared to $484.99 billion last month. The spot and derivatives volume in July were $54.1 billion and $464.71billion respectively.
OKX posted the largest trading volume before it was renamed from OKEx on January 19, 2022. Last month, the exchange announced a plan to increase its staff by 30% in order to break through the "bottleneck" of development. It also obtained a Dubai license in July, and announced the integration with the industry-leading social charting platform TradingView to help users make better trading decisions.
The trading volume tumbled to $50.82 billion in July, which shows a drop of 13.92% from $59.04 billion in June 2022.
This month, Coinbase received regulatory approval in Italy, keep growing its presence across Europe.
In July 2022, Huobi Global witnessed 9.67% decline in total trading volume, falling from the previous month's $152.38 billion to $137.65 billion. The spot volume saw a month-on month decrease of 31.1%, from $46.96 billion to 32.36 billion.
FTX saw a total trading volume of $305.61 billion in July, dropping by 13.45% compared to $353.12 billion in June 2022. In the spot market, the trading volume in July was $56.3 billion.
FTX made frequent investments this month, acquiring South Korean crypto exchange Bithumb to expand its footprint in Asia, and leading seed funding of crypto startup Coinfeeds as well as blockchain startup Aptos Labs. In addition, the exchange was successfully approved to operate in Dubai, expanding its business scope.
Crypto.com saw the largest decline among these top 6 exchanges with $26.78 billion of total trading volume, down 28.61% from $37.51 billion in June 2022.
The Singapore-based exchange has been seeking to establish a fully regulated business globally. With Europe as a priority region, it successfully secured regulatory approvals in Cyprus and Italy this month.
Does the Above Data Show a Sign of Recovery in the Crypto Market?
It can be seen from the above data that the downward trend of the crypto market has eased, but does it signal recovery of the market? It is too early to draw conclusions.
The process of development is always full of twists and turns. As the crypto market is still favored by investors after experiencing such severe tests, we can infer that there may be more challenges and opportunities in this field in the future.
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