Oct Crypto MoM Trading Volume Plummets Across the Board! Max. Decline Hits 30.44%!
Since the sudden collapse of the crypto exchange FTX that happened in November 2022, the despairing situation is not getting any better, if not worse. In fact, the decline of the community as a whole has long shown traits from the crash of LUNA/TERRA, to the Celsius Crisis, Voyager bankruptcy and Three Arrows Capital's closing, none of which are isolated events.
This article follows Fazzaco's September Crypto Trading Volume, so FTX is still listed in the top six exchanges in spite of its bankruptcy in the following month.
The six major crypto exchanges listed in this article include Binance, Coinbase, FTX (bankrupted), OKX, Huobi Global and Crypto.com.
As the chart below shows, not only did the decline in trading volume continue, but all of the major exchanges saw such trend. Coinbase is perhaps the only exception with its decline slowed down, and it is expected to pick back up in November, based on existing data.
Detailed October trading volumes of the six crypto exchanges are shown below:
The trading volume of October totaled approximately $15k bn, a decrease of $4.8k bn from the $19.8k bn last month, a decline of 24.24%. It is worth noting that, according to the data up until November 22, the trading volume of Binance in November has already reached $14.6k bn, at 97.33% of the October. Therefore, it is possible that Binance might see some pickup moving forward.
In October, Binance was granted the crypto license to operate in Kazakhstan and Cyprus respectively; also, the Binance Pool started a $500 million fund to support bitcoin mining in response to the crypto winter.
The trading volume of October totaled $46.763 bn, a decrease of $1.1 bn from the $47.863 bn last month, a decline of 2.3%. Coinbase somehow managed to decelerate the downward trend in this month compared to the nosedive from August to September, when the volume drastically plummeted from 58.06 bn, a drop of over 10 billion. Besides, the trading volume of Coinbase in November (up until November 22) has reached $50.268 bn, which is already higher than that of October.
In October, Coinbase got the green light for offering payment services in Singapore.
The trading volume of October totaled $355.063 bn, a horrible drop of $155.35 bn from the $510.413 bn last month, a decline of over 30.44%. OKX saw the most significant decline out of all six exchanges.
The trading volume of October totaled $77.299 bn, a decrease of $21.691 bn from the $98.99 bn last month, a decline of 21.91%.
In October, Huobi Global was acquired by About Capital Management, a company based in Hong Kong.
The unexpected collapse of FTX in early November undoubtedly took a toll on the cryptocurrency market, for which Fazzaco has created a dedicated feature page in which all related news and articles are gathered. Nevertheless, the trading data of FTX before its bankruptcy is still listed in this article: the trading volume of October totaled $227.956 bn, a decrease of $63.362 bn from the $291.318 bn last month, a decline of 21.75%.
Also, trading on FTX became inactive since November 12 after the company fell in the pit of liquidity crunch.
The trading volume of October totaled $20.323 bn, a decrease of $7.224 bn from the $27.547 bn last month, a decline of 26.22%.
It is worth pointing out that Crypto.com has reached an official sponsorship agreement with the 2022 Qatar World Cup. Now as the World Cup officially kicks off, the company has been exposed to the world outside the crypto community to a great extent, and it remains a question whether the exposure is going to help it stop from declining.
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