Binance trading volume falls to its lowest since October 2020 Binance trading volume falls to its lowest since October 2020
Daily crypto trading volumes on most centralized exchanges have reached their lowest in over 2 years as trading activity slows.
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Updated: Dec. 23, 2022 at 3:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Daily crypto trading volume on Binance sunk to $9.39 billion on Dec. 23, its lowest since October 2020, according to data from Nomics.
Compared to Nov. 8, when daily trading volume on Binance crossed $172 billion, the latest data suggests a drop of over 94.5% in the past 24 hours. With the upcoming holiday season and the rearing bear market, trading volumes on most centralized exchanges have been impacted.
Coinbase’s daily trading volume fell to its lowest since November 2020 to $1.11 billion over the last 24 hours, data from Nomics shows. Likewise, the daily cryptocurrency trading volume on OKX fell to $6.39 billion over the past day, its lowest since April 2021, as per Nomics data.
According to research published by CoinGecko, crypto derivatives trading volume on exchanges has tanked by 24% since the collapse of FTX. According to the study, a likely reason for the fall in the trading volume is that traders have stopped or reduced their trading activity since the FTX crash. Furthermore, the research added that trading activity also generally slows down toward the end of the year.
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Author 
Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
