Global Crypto Volumes Tank by 44% to $6.58T First Time in 7 Months

• Market trading volume dropped by 44% in April, marking the first decline in seven months.
• Spot and derivatives market volumes crashed to $6.58T from the previous month’s peak of $9T.
• Binance’s market share decreases to 41.5% amid legal issues involving former CEO Changpeng Zhao.

In April, the crypto market saw its trading volume dip for the first time in seven months. CCData, a digital assets data firm, reported that the combined volume across spot and derivatives markets decreased by 43.8% to $6.58 trillion. This figure marked a significant drop from the previous month’s peak of $9.12 trillion.

Furthermore, the data revealed that the crypto derivatives market saw a more pronounced decrease in investor interest last month. In particular, activities in futures and options markets dropped by 47.6% to $4.57 trillion in April. On the other hand, the spot market experienced a smaller decline of 32.6%, ending at $2.01 trillion.

CCData attributed this downturn to a mix of unexpected macroeconomic figures. It noted heightened geopolitical unrest in the Middle East and outflows from U.S. spot bitcoin ETFs. This research report confirms April was overly bearish for …

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