The post CEXs Faced Tough September with Trading Volumes Declining appeared on BitcoinEthereumNews.com.

CEXs saw a 19-22% drop in trading volumes in September 2024, reflecting seasonal and macroeconomic challenges. Crypto.com gained market share with increased trading activity, while KuCoin, Coinbase, and BitMart faced steep declines. The centralized crypto exchange (CEX) sector saw substantial difficulties in September 2024 since the aggregate spot trading volume across main platforms dropped by roughly 19–22% compared to the month before. Reflecting a larger trend of lower activity in the sector, this decline represented the lowest trade levels since late 2023. Some exchanges, including Binance, saw significant drops in spot and futures trades. With a spot volume of about 22.9%, Binance dropped $344 billion; its derivatives trading followed a similar declining trend. Binance’s market share fell to its lowest level since 2020, therefore underscoring the challenges larger competitors in the sector face. Mixed Outcomes Amid Market Downturn: Crypto.com Defies the Trend  Not all interactions, meanwhile, were equally impacted. On several platforms, the general decreasing trend was broken. With growth rates of 34% and 42.8% respectively, Crypto.com, for example, noticed an amazing increase in both spot and futures trading volumes. Source: Wublock By trading volume, this increase in activity enabled Crypto.com to land the fourth-largest centralized exchange position. The strategic emphasis of the exchange on onboarding new institutional clients and aiming at sophisticated retail traders explains its better market share. With growth rates of 6% and 2%, respectively, Bitfinex and Upbit also showed significant momentum, therefore adding complications to the generally difficult market conditions. For some interactions, the circumstances were significantly less favorable. Among the worst affected were KuCoin, Coinbase, and BitMart; trade volumes dropped 66%, 44%, and 42%, respectively. These sharp drops highlight how differently market dynamics affect various platforms. Analysts cite a number of elements, including macroeconomic uncertainties and seasonal influences, that might be driving the general drop…

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Filed under: News - @ October 16, 2024 7:23 am