The bearish momentum in the underlying market has taken its toll on cryptocurrency trading volumes, as several of the world’s top exchanges have witnessed a sharp drop in trading volumes during September 2018. In fact, the combined trading volumes of the world’s top 10 cryptocurrency exchanges have fallen by as much as 54 percent throughout September as compared to the same month last year. At current levels, the combined trading volume of the world’s top 10 cryptocurrency exchanges has fallen to its lowest level since the beginning of July 2018.
This sharp decline in volumes is not entirely unexpected. After all, the combined market capitalization of the world’s top 10 cryptocurrency exchanges has fallen by around $120 billion since the start of September as a result of the ongoing market sell-off. This is evident from the fact that the combined trading volumes of the world’s top 10 cryptocurrency exchanges have fallen by as much as 54 percent throughout September as compared to the same month last year.
The sharpest decline in September trading volumes has been witnessed by Binance, where volumes fell by as much as 93 percent throughout September as compared to the same month last year. Likewise, the combined trading volumes of OKEx, Huobi and Bithumb have fallen by as much as 81 percent, 65 percent and 50 percent, respectively, throughout September as compared to the same month last year. The combined trading volumes of Bitfinex, BitStamp, Bittrex and Kraken have fallen by
Trading volumes on crypto exchanges WazirX, ZebPay and Giottus hit a six-month low on April 10 because of the uncertainty surrounding crypto guidelines withinside the us of a
WazirX, one the most important cryptocurrency exchanges in India, estimatedly noticed 65-90% of its commercial enterprise erode after e-pockets Mobikwik disabled its offerings at the platform over the previous couple of days.
ET changed into the primary to record on April nine that because of a loss of readability on the use of the Unified Payments Interface (UPI) for processing transactions. US-primarily based totally Coinbase, which introduced its India access final week, has additionally hit the UPI roadblock and disabled the service.
Trading volumes on pinnacle crypto exchanges (normalised for the final one year) slid 92-98% on April 10 at one factor in comparison to peaks located final year, information from cryptocurrency aggregator Coingecko.com showed.
The surge in buying and selling during the last 12 months got here at the again of a bull run withinside the marketplace which caused tens of thousands and thousands becoming a member of the crypto bandwagon in India.
WazirX and ZebPay declined to touch upon the effect confronted through their businesses.
Vikram Subburaj, founder and CEO of crypto change Giottus, advised ET that its carrier issuer reduce off UPI get entry to some days ago.
Crypto change Unocoin, too, stopped get entry to to UPI this week, aleven though the organisation attributes it to “a tech hiccup on their side” a good way to get resolved in some days.
“Even after the Supreme Courts verdict (which overturned the banking financial institution in 2020) and RBIs explanation final year (reiterating the Supreme Court`s ruling), the crypto enterprise is Being closely suffering from a loss of get right of entry to to banking offerings in India,” stated a senior crypto trade govt soliciting for anonymity. “Services are reduce off each 2-three months through fee partners.”
ET said on April 10 that US-primarily based totally Coinbase quickly halted the UPI price alternative after it got here beneathneath the scanner of the UPI railroad operator, the National Payments Corporation of India (NPCI).
When it released on April 7, Coinbase had stated it'd permit customers to buy cryptocurrencies the use of UPI, which introduced it beneathneath regulatory scrutiny.
The decline in quantity could have a proportionate effect at the company`s sales as those exchanges make cash on each trade.
Almost 70-80% of crypto exchanges close down and didn't continue to exist after RBI`s banking ban on crypto.
“If matters maintain because it is, there is probably a whole lot of trade closures, some will sustain. The concept is you'll need to lessen your value and live lean. This is the handiest manner you may continue to exist withinside the market,” stated Subburaj of Giottus, which has a million users.