- Trading volumes at major cryptocurrency exchanges fell by more than 40 per cent in June
- Spot trading volumes fell 42.7 per cent to US$2.7 trillion (A$3.61 trillion) and derivative volumes dropped 40.7 per cent to US$3.2 trillion (A$4.27 trillion)
- A regulatory crackdown in China and lower volatility are among the major factors weighing on the market
- Binance remains the largest crypto exchange despite a 56 per cent drop in June trading volumes
Trading volumes at major cryptocurrency exchanges fell by more than 40 per cent in June as a regulatory crackdown in China and lower volatility continue to weigh on the market.
According to data from London-based researcher CryptoCompare, spot trading volumes fell 42.7 per cent to US$2.7 trillion (A$3.61 trillion) and derivative volumes dropped 40.7 per cent to US$3.2 trillion (A$4.27 trillion).
“Headwinds continued as China persisted with its crackdown on bitcoin mining,” CryptoCompare said.
“As a result of both lower prices and volatility, spot volumes decreased.”
Bitcoin, the largest of all cryptocurrencies, fell more than six per cent last month to its lowest since January as China tightened restrictions launched just a few weeks earlier to rein in the trading and mining of the digital asset.
The drop followed a 35 per cent slide in May when Beijing vowed to establish a greater level of regulatory oversight for the industry.
Binance remains the world’s biggest cryptocurrency exchange by spot trading volume, CryptoCompare said, despite those volumes falling 56 per cent in June to US$668 billion (A$892.35 billion).