Binance Fee Return Collapses Trading Volumes by 70% — Kaiko
Date: 2023-07-04 Author: Karina Ziganova Categories: BLOCKCHAIN
The volume of spot trading on the Binance cryptocurrency exchange collapsed by 70% shortly after the return of commissions for bitcoin transactions
Spot trading volume on the Binance crypto exchange fell by 70% due to the return of commissions for trading paired with bitcoin.
However, Binance is not the only cryptocurrency exchange that records a decline in activity. For example, Coinbase, Kraken, OKX, and Huobi also lost over 50% of trading activity in the second quarter of 2023. According to published estimates, the volume of spot trading on more than two dozen crypto exchanges has collapsed to the level of 2020.
However, there are also those trading platforms that record an increase in activity. While Coinbase and Binance are mired in litigation with the US exchange regulator, Korean markets have become more active in trading pairs with the local currency. According to Kaiko's calculations, at the end of June, the daily trading volume on the Korean exchanges Bithumb and Upbit soared to $4 billion (with $3.6 billion accounted for altcoins).
Kaiko believes that the main driver of trading was the news around the WAVES and BCH tokens. The rate of the WAVES token jumped by almost 90% on the news that the investment firm DWF Labs will support the cryptocurrency project. At the same time, bitcoin cash (BCH) doubled in price. Such a turbulent pump of BCH may be the reason for the addition of BCH to the listing of EDX Markets, a decentralized cryptocurrency exchange from Wall Street.
