Binance and Coinbase Record More than 30% Drop in Volumes
Centralized crypto exchanges (cex) have seen major outflows in the last 24 hours with binance. coinbase, Bybit and OKX saw their volumes drop by over 30%. On-chain data shows sharp outflows from centralized exchanges as analysts speculate against market sell-offs and possible long-term buying by some bulls.
Intraday crypto trading fell as most assets lost previous gains as sentiment changed. Market leader Bitcoin changed hands at $69,836, down 1.21%. Although weekly gains remain in the green, CEX volumes are decreasing, causing previous runs to be hindered.
Binance and Coinbase Mark Exits
Leading crypto central exchanges Binance and Coinbase saw a decrease in their activity today. Binance reported daily volume of $23.7 billion, a 31% decline due to the broader decline in crypto assets. This week saw inflows into Binance and other exchanges as bullish pressure increased, fueled by positive macroeconomic sentiment and the prospect of a spot ETH ETF.
Coinbase, the United States’ largest crypto exchange by volume, saw outflows reach 47.9% following market uncertainties. Transaction volume is pegged at over $3 billion. Bybit, the second largest global exchange by volume, fell by 30.5%. Despite the outflows, trading activity stood at around $5.04 billion.
OKX achieved similar results, with trading volumes falling 37.9% to $3.8 billion. Other centralized crypto exchanges also noted that the numbers decreased following the release of UK inflation data. Although inflation rates fell to 2.3%, they did not meet the 2.1% target predicted by analysts. While these indicate weakening sentiments, crypto bulls on social media spaces continue to put pressure on the market in anticipation of a new rise.
Decline in Crypto Prices
Crypto assets fell today as losses in Bitcoin eased. Ethereum (ETH) and meme coins. According to on-chain analysis firm Coinglass, the market has seen $180 million in liquidations in the last 24 hours. While ETH, which recovered the market with a 23% gain yesterday, decreased by 2.24%, ripple (XRP) and Cardano (ADA) decreased by 3.16% and 5.34%, respectively.
Both assets saw a decline in trading volumes as midweek trading continued sideways. Meme coins made a debut, but pepe challenged the current market direction. dogecoin (DOGE) is trading down 1.5%, while Shiba Inu (SHIB) and Popcat are trading down 1.9% and 9.5% respectively.
So read: Pro-XRP Lawyer John Deaton Reacts to SEC’s Reversal on Ethereum ETF
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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