Cryptocurrency Trading Volume on Centralized Exchanges Jumps 19% in July
CryptoNewsTerminal Staff11 Aug, 2024
Cryptocurrency Trading Volume on Centralized Exchanges Jumps 19% in July
Centralized cryptocurrency exchanges (CEXs) witnessed a significant surge in trading volume in July 2023, marking the first increase in four months. According to a report by CCData, the volume on CEXs reached $4.94 trillion, representing a 19% increase from the previous month. This upswing comes after a prolonged period of decline since March 2023. Derivatives trading volume on CEXs also experienced a notable rise, climbing 21% from the previous month to $3.5 trillion. This growth has resulted in derivatives capturing a 70.9% market share, the highest since December 2023. The increase in derivatives trading volume indicates a growing appetite among investors for hedging and speculative strategies in the cryptocurrency market. Overall, the surge in trading volume on CEXs in July 2023 suggests a renewed interest and confidence in the cryptocurrency market. This positive trend could potentially signal the start of a broader recovery in the industry.
