China’s continued crackdown on bitcoin mining took a heavy toll on the global crypto market, as digital currency prices fell 6% and spot volumes fell 42.7% in June.
As prices continue to fall and volatility remains relatively low, spot trading volumes in the cryptocurrency space declined by a massive 42.7% in June, while total derivatives volumes declined. fell 40.7%, according to data provider CryptoCompare.
Even the positive news that El Salvador became the first country to officially adopt bitcoin as legal tender has failed to revive the fortunes of the market. In June, bitcoin hit a monthly low of $ 28,908 as markets face continued headwinds.
The top spot exchanges by volume during the month were Binance (Grade A) with $ 668 billion (down 56%), followed by Huobi Global (Grade A) with $ 162 billion (down 40, 2%) and OKEx (Grade BB) with $ 141 billion (down 41.6%.
In June, the spot volume of the top 15 largest exchanges declined 51.6% on average from May.
Coinbase (AA), BeQuant (BB) and Kraken (AA) followed with $ 77.4 billion (down 61.5%), $ 77.1 billion (down 3%) and 39.7 billion dollars (down 60.4%) respectively.
On derivatives volumes, the CryptoCompare report said: “Derivatives volumes exceeded spot for the first time this year, with 53.8% market share, compared to 49.4% in May. Derivatives volumes declined 40.7% in June to $ 3.2 trillion, while total spot volumes declined 42.7% to $ 2.7 trillion. “
Major derivatives exchanges included Binance with $ 1.73 trillion (down 29.7%), OKEx ($ 508 billion, down 49.1%) and Bybit ($ 360 billion, down 37.0%).
According to data from CryptoCompare, overall open interest fell for the second month in a row, from a weekly average of $ 27.8 billion in May to $ 16.4 billion in June (down 40.9% ). This is adjacent to the continued decline in prices in the cryptocurrency markets, with bitcoin dropping 6% in June.
Binance had the highest open interest rate among all derivatives, averaging $ 5.6 billion (down 38.4% since May). Next come OKEx ($ 2.5 billion, down 30.8%) and Bybit ($ 2.2 billion, down 37.2%).
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