As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored the recent trends and developments in the digital asset space. Based on the data provided by WuBlockchain, I find it noteworthy that spot trading volumes on major centralized exchanges declined significantly in June, with some exchanges like Upbit and Bitfinex experiencing particularly large drops. The fact that Binance, the world’s largest trading platform, also saw a notable decrease further underscores the broader trend.
Based on information from WuBlockchain, the volume of transactions for spot trading on leading centralized exchanges dropped by approximately 17% in June.
As a researcher studying the recent market trends, I’ve noticed that Upbit exchange suffered the most significant loss, experiencing a decline of approximately 45%. Similarly, Bitfinex underwent a substantial decrease, with a 38% reduction in value.
The globe’s most significant crypto trading platform by spot volume, Binance, reported a considerable decline of 22.6%.
Some trades between Mexc and HTX defied the general downward trend by registering increases in spot trading volume.
The trading volumes for derivatives have dropped by nearly 18%, with both Gate and Deribit experiencing over 30% decreases in volume compared to the previous month. In contrast, Mexc is currently the only centralized cryptocurrency platform that has seen an increase in futures trading volume.
In June, the value of Bitcoin decreased by 7.12%. By the end of the month, it was priced at $62,676 due to its inability to break through the significant resistance point of $72,000.
Last month, the cryptocurrency experienced significant selling pressure instigated by the U.S. and German governments, along with miners transferring large quantities to exchanges.
Bitcoin and Ethereum have fallen short in comparison to the significant gains made by indices like the S&P 500 and Nasdaq Composite.
Based on reports from investment firm VanEck situated in New York, the volatility of cryptocurrencies reached a yearly minimum in June.
According to U.Today’s latest report, Coinbase analysts forecasted a quiet cryptocurrency market in Q3 2021 as no significant bullish factors have emerged yet to push prices upwards. The current attention is centered around the anticipated launch of various Ethereum spot ETFs, which are on the verge of debuting.
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2024-07-15 18:59