Trading volumes across major centralized cryptocurrency exchanges (CEXes) continued to contract throughout May as regulators cracked the whip in the U.S. and worldwide. In a report compiled by CCData, records show that the combined spot and derivatives trading volumes across platforms like Binance and OKX fell 15.7% to $2.41 trillion.
It represented the second month of trading volumes dropping when crypto asset prices mostly moved sideways and general volatility at early 2023 levels.
Trading Volumes Drop Double Digits in May
A notable development is that spot trading volumes dropped by 21.8% in May to $495 billion.
At this rate, trading volumes fell to levels last seen in March 2019. Meanwhile, derivatives crypto trading volumes crashed to a six-month low when they contracted 15.7% to $1.95 trillion in May.
The market share of Binance, the world’s largest crypto exchange by trading volumes, also…
