Coinbase spot trading volume down 52% compared to 2022: Report
Coinbase, one of the largest crypto exchanges in the United States, saw its spot trading volume drop by more than half, signaling a shift in interest in crypto trading.
Citing analysis from digital asset data provider CCData, major media outlet Bloomberg reported on October 11 that Coinbase recorded around $76 billion in spot trading volume. Compared to the quarterly record for the third quarter of 2022, the new data for Q3 2023 shows a 52% decline in space transactions.
According to the report, the new numbers are the lowest since Coinbase's listing on the Nasdaq stock market in 2021, months before the crypto's price peaked.
Despite the decline in trading volume in its place, the report stated that Coinbase gained market share in the last quarter as the crypto exchange Binance came under the control of regulators and increased.
On October 6, crypto exchange Binance's spot market share fell for the seventh consecutive month. The lost trading volume was captured by rival exchanges such as Coinbase, Bybit and DigiFinex.
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Despite the decline in trading volume and market share for crypto exchanges, some crypto trading platforms have been successful in terms of website traffic. While Binance and Coinbase saw significant declines in traffic, data from September 18 showed that exchanges such as OKX, HTX (formerly Huobi), Gate.io, CoinW, XT.com and Bitmart had significant increases in web traffic year-to-date (YTD). According to the data, HTX's website traffic increased by 200%, while Gate.io and CoinW saw a 143% and 66% YTD increase in traffic.
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