The intensity of cryptocurrency exchange fell by 30% in April

Analysts from CCData have found that last month, the volume of trading operations on crypto exchanges approached the levels of December 2022. The volume of spot trading in digital assets fell by 40% to $ 621 billion during the reporting period.

Researchers believe that the uncertainty associated with macroeconomic conditions played a key role here. The threat of a recession and a possible pause in the Fed’s rate hikes amid turmoil in the banking sector could have led to a decline in cryptocurrency transactions.

In April, spot trading on Binance fell by almost 50% to $ 287 billion. Crypto experts emphasized that this is the second worst figure for the exchange since 2021. Binance 's market share is also falling — it currently stands at 46.3%, which is the lowest since October 2022. However, the world’s largest crypto exchange is not currently in danger, as the market share of its main competitors, Coinbase and OKX, is only 5.6% and 5.39%, respectively.

In turn, Kaiko analysts believe that the drop in activity on exchanges is not due to macroeconomic difficulties, but to the abolition of free Cryptocurrency trading on Binance. According to the researchers, as soon as the exchange returned commissions for BTC/BUSD and BTC/USDT trading pairs, trading volumes on other platforms began to fall rapidly.

At the same time, Binance 's decision to cancel commissions for BTC/TUSD had a favorable effect on TUSD, as the trading volume increased from $ 0 to $ 60 million per hour. However, analysts admit that this figure is negligible compared to the figures for BTC/USDT, where the trading volume reached $ 1 billion per hour.

The topic of high fees in BTC has become the main news in the crypto community this week. Moreover, the situation reached such a degree of tension that Binance was forced to suspend BTC withdrawals twice in one day. At the beginning of the week, the fee for a single transaction in the bitcoin network exceeded $ 20, and at the time of writing, it is $ 9.71.