Centralized crypto exchanges ( CEX), slumped in trading volumes for the first time in three months as digital assets stalled after a bustling first quarter.
Blockchain data provider kaiko Trading volumes on centralized exchanges slumped after three consecutive quarters of gains, according to . According to the data, April volumes are about half as much as March. 500 billion dollars level took place. While April was the lowest month in terms of volume, March was the month with the highest transaction volumes.
A 43.8 percent decline was experienced in April
Kaiko expects volumes to drop until April’s decline. FTXstated that it had reached pre-bankruptcy levels.
The data provider also noted that the markets remained above 2020 levels in terms of trading volumes. “Overall, the crypto market continues to be significantly larger than before the 2020 bull run,” Kaiko said in a statement.
Blockchain analyst Lars0xStatutory central exchange spot volume in April, according to data from 43.8 percentdecreased to $400.5 billion.
Lars0x said that much of the drop was due to Binance adding fees to BTC pairs. Binance, according to data 71.6 percent continues to be the market leader with a superiority of . Moreover, CoinGeckoAccording to Binance, its 24-hour trading volume is around $10 billion, compared to its closest competitor of $1.1 billion. coinbaseSignificantly larger than .
The drop in CEX volume came as digital security markets began to pull back from their 2023 highs in mid-April. On April 16, the total market cap reached $1.34 trillion, the highest level in the past eleven months. However, since then the 7.5 percentfell to $1.24 trillion.
Crypto markets since the beginning of the year 50 percent gained in value but remained in a largely limited range over the past six weeks. Analysts hinted that the correction will continue as markets warmed up a bit in the first quarter of the year.
