CryptoCompare reports on the work of the world’s largest crypto exchange

According to CryptoCompare, the cryptocurrency exchange Binance has once again become a leader among other crypto platforms, with total spot trading volumes on Binance reaching $ 438 billion over the past month.

According to analysts, total spot trading volumes grew by 36.8% to $ 1.91 trillion from August to September, which is a lot of cryptocurrency trading given the market’s volatility. After the largest crypto exchange, Coinbase took its place, with $ 58.3 billion in trading for the month. The third place was taken by AAX with $ 54.9 billion.

It is worth noting that the growth in spot trading volume led to a decline in the share of the derivatives market by 9.59% to 62.4%, which is a one-year low for this indicator. Historically, the derivatives market has dominated cryptocurrency trading volumes. The decline in the derivatives market share reflects the uncertainty in the crypto market due to rising inflation and the upcoming meeting of the US Federal Reserve, which is expected to announce a 75 basis point (0.75%) rate hike. The Fed promotes a tough policy and this cannot but affect both the traditional stock market and the cryptocurrency market.