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In April, CCData reported a drop in spot trading volume on Binance, the world's largest cryptocurrency exchange, for the second month in a row. The decline amounted to 48%, which was attributed to decreasing transaction levels throughout the industry.
Last month, trading volume plummeted to $287 billion, marking the second-lowest level since 2021. In addition, the market share of the exchange dropped for a second consecutive month to 46%.
Binance is not the only exchange that has been affected. According to CCData, spot trading volume on centralized exchanges worldwide fell by 40%, reaching its lowest level since December. The decline in volume is attributed to various macroeconomic uncertainties such as the looming recession threats and the collapse of several U.S. banks.
Despite the decline in trading volume, Binance still holds a strong position as the largest exchange in the industry. This is evidenced by the fact that the second- and third-ranked exchanges by volume, Coinbase and OKX, only accounted for 5.60% and 5.39% of total spot trading, respectively.