Trading on centralized exchanges (CEXs) grew 5.9% in the 2nd quarter of 2023
Centralized exchanges like Binance and Coinbase have experienced a 5.9% growth in total volume traded in Q2, according to data from CoinMarketCap. This increase has come despite the US Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase, two of the largest crypto exchanges in the world by trading volume.
Main breakdowns:
– Trading volume on CEXs increased by 11.1% month-on-month in June.
– Binance and Coinbase saw significant growth in trading volume during this period.
– Market participants have become more knowledgeable about legal complexities and are making informed decisions.
– The acceptance of digital assets in mainstream finance has attracted a broader investor base.
– Binance held a 73% dominance of the overall volume traded between April and June.
Hot Take:
Despite regulatory challenges, centralized exchanges like Binance are still thriving and dominating the industry. The growth in trading volume reflects the adaptability and determination of market participants, as well as the long-term potential of the crypto market. This surge in activity showcases the transformative force of cryptocurrencies in the financial world.
By
By
By
By