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Crypto trading volume fell 43% in June following China's crackdown on the sector

Bitcoin symbol atm
Regulators are paying close attention to the crypto world.
  • Lower prices and volatility sent crypto trading volumes sliding 42.7% in June, according to a report from CryptoCompare.
  • Binance remained the top exchange by volume, falling 56% to $668 billion.
  • The Bitcoin Volatility Index - a VIX-like measure of implied volatility - dropped 42% from its May highs to June lows.
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Lower prices and volatility sent cryptocurrency trading volumes sliding 42.7% in June as China booted miners out of the country and cracked down on crypto use broadly, according to a report from CryptoCompare.

The analytics firm found that trading volumes plunged to $2.7 trillion in a broad-based slowdown that hit all major crypto exchanges. The highest daily volume in June was down 42.3% from the equivalent peak in May.

The widespread nature of the trading slowdown meant that crypto exchanges maintained their relative sizes. Binance remained the top exchange by volume, falling 56% to $668 billion, though trading restrictions introduced in the UK near the end of June could eat into its position. The second-biggest, Hong Kong-listed Huobi Global, had $162 billion in June volume, down 40%.

June saw bitcoin bottom out at $28,908, driven by the Chinese government's escalating campaign to curb crypto mining. Lower prices were accompanied by diminished volatility, pushing down trading volumes, CryptoCompare said in its report. China's restrictions on the space included shuttering mining operations and banning financial firms from offering crypto services to clients and customers.

The Bitcoin Volatility Index - a VIX-like measure of implied volatility - dropped 42% from its May highs to June lows.

Tether, the biggest stablecoin, also remained the primary source for crypto market liquidity in June, making up more than 57% of trades out of crypto. The second-biggest liquidity source was the US dollar, followed by the Japanese yen.

The CryptoCompare findings were first reported by Reuters.

Read the original article on Business Insider




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