Coinbase’s spot market share versus other centralized exchanges stands at roughly 5.7%, up from 4.8% a year ago but down from 6.9% in January 2022, according to CCData.
“If the collapse of FTX was indeed the bottom of this cycle, then history would suggest that we still have approximately 350 days of ‘accumulation’ before witnessing the characteristic post-halving breakout price action,” said Jacob Joseph, an analyst at CCData.
The monthly trading volume at the largest DeFi platform, Uniswap, exceeded Coinbase in March and so far in April, according to data firm CCData. Uniswap Labs, which developed Uniswap, says it eliminates intermediaries and unnecessary fees.
The long-running theme — reiterated by Brian Armstrong and a few politicians this week — is that the US risks losing its slice of an innovative, revolutionary industry as a blizzard of enforcement and lack of clarity on rules drives out business.
Yet America’s share of crypto spot trading volume, on exchanges at least, has hovered unremarkably around 10 per cent since the start of last year, according to analytics platform CCData.
Crypto derivatives trading is big business. In March, derivatives trading volumes on major exchanges hit some $2.8 trillion, according to London researcher CCData, versus spot trading volumes of just over $1 trillion.
It was once the largest U.S.-based crypto exchange by trading volume, according to a December 2017 opinion articlein The Wall Street Journal written by former executives Kiran Raj and John Roth. Bittrex was the third-largest in the world in 2017, according to digital-asset data provider CCData. American exchanges includingInc. and Kraken, as well as offshore platforms such as Binance, later surpassed it.
Crypto derivatives trading volumes across both centralized and decentralized exchanges rose for a third consecutive month in March, the first three-month streak since at least January 2022, according to figures from CCData.
Before the last Bitcoin halving, which took place on May 11, 2020, the price of bitcoin increased by 19% in the preceding 12 months, from $7,191.36 to $8,568.88, according to figures from CCData.
Uniswap handled more than $70 billion of trading in March, exceeding centralized exchange (CEX) Coinbase’s $49.2 billion, according to CCData
Assets under management for digital-asset products climbed to $13.4 billion in March, up 60% from their 2022 low in November, according to CryptoCompare.
Get our latest research, reports and event news delivered straight to your inbox.