Trading volume in the cryptocurrency market fell by more than 40%

Trading volume on major cryptocurrency exchanges fell by more than 40% in June. This result has been revealed in a research on Monday. In which it has been shown that factors such as regulatory action and disappointing activity in China were responsible for this. Data from London-based researcher CryptoCompare shows that spot trading volume fell 42.7 per cent to $2.7 trillion (approximately Rs 2,01,57,770 crore), with derivatives volume down 40.7 per cent to $3.2 trillion (approximately Rs 2,38,79,170 crore). Rs.)

“As China continues its crackdown on bitcoin mining, headwinds continue,” CryptoCompare said. “Spot volume has decreased as a result of both lower prices and volatility.” Bitcoin price in India on July 12 at 5:20 pm 25.12 lakh till IST (IST).

The largest cryptocurrency, Bitcoin, is down more than 6% in the past month. Due to which it touched its lowest level since January. The reason was that the authorities in China tightened restrictions on bitcoin trading and mining that were introduced a month ago. It had fallen 35 per cent in May. Its losses were compounded by Beijing’s decisions to rein in the fast-growing sector. Crypto trading volumes tend to increase during periods of extreme price swings.

CryptoCompare said major cryptocurrency exchange Binance, which has faced scrutiny from regulators around the world, has maintained its position as the largest platform by spot trading volume. Yet Binance’s volume fell 56 percent to $668 billion (about Rs 49,84,780 crore) in June.

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