The head of JP Morgan’s blockchain division Tyrone Lobban yesterday told attendees at CCData’s Digital Asset Summit in London that “99.9%” of his conversations with clients are about tokenized forms of traditional financial instruments, not crypto.
This month’s steep decline in Bitcoin trading volume on Binance is likely tied in part to the end of another zero-fee promotion by the world’s largest cryptocurrency exchange. The seven-day average volume has dropped by 26% since the start of September, according to researcher CCData.
The leading institutional summit for digital assets, CCDAS, will make its return to London on October 2-3. This two-day event, which features an exclusive VIP evening on October 2, followed by the summit on October 3, brings together influential decision-makers from the traditional finance and cryptocurrency sectors to foster the understanding and adoption of digital assets.
Hosted by CCData at London's iconic Old Billingsgate venue, CCDAS offers an attractive platform to connect with industry leaders and key finance decision makers at the forefront of the digital asset revolution.
Spot trading volume on centralized exchanges cooled for a second straight month, falling 7.78% to $475 billion, the least since March 2019, according to digital assets data and index provider CCData. Trading volume refers to the total number of tokens that changed hands during a specific period.
The combined monthly volume of so-called spot and derivatives trading fell 11.5% to $2.09 trillion, and was the second-lowest monthly total since October 2020, according to data compiled by CCData.
“The (spot) trading volumes on centralized exchanges have remained low since April this year and are now comparable to the stagnant trading activity in the bear market of 2019,” CCData said in a report published Thursday.
Spot trading volume on centralized exchanges cooled for a second straight month, falling 7.78% to $475 billion, the least since March 2019, according to digital assets data and index provider CCData. Trading volume refers to the total number of tokens that changed hands during a specific period.
Monthly spot trading volumes at centralized exchanges slid 74% to $445 billion in August compared with January 2022, CCData show. Beyond spot tokens, market makers also operate in the larger digital-asset futures and options segment. Trading volumes for crypto derivatives have dropped too, roughly halving to $1.5 trillion over the same period.
The market cap of Tether’s USDT token fell 1.2% to $82.9 billion in August, according to researcher CCData. That’s still three times larger than its closest competitor. Stablecoins are crypto tokens that are usually pegged one-to-one to an asset such as the dollar and are mostly used in trading and to move digital assets between exchanges.
The overall size of the stablecoin universe contracted for a 17th consecutive month, dropping 0.4% to around $125 billion, CCData said.
CCData Records 12% decline in Binance derivatives volume.
Crypto markets have faced a bruising year following the collapse of exchange FTX and a series of US enforcement actions against Coinbase and Binance. Spot crypto trading volumes have more than halved — dropping to $515bn in July, compared with $1.2tn in the same period a year ago, according to CCdata.
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