Amid the decline in crypto interest, reports have shown that American-based crypto exchange Coinbase, one of the world’s largest cryptocurrency exchanges experienced, a sharp drop in spot trading volume during the third quarter of 2023.

Coinbase Spot Trading Volume Dropped by Half

According to the report, the cryptocurrency platform’s spot trading volume fell by more than half during the recently completed third quarter of 2023.

Data from researcher CCData showed that the platform recorded about $76 billion in spot trading volume in the Q3 of 2023, which represents a 52% drop in its spot trading volume of $158 billion from the Q3 of the previous year.

The figure is likely the least the platform has seen in its spot trading volume since 2020, before it was listed on the Nasdaq Stock Market in April 2021, coinciding with the cryptocurrency valuations reaching their peak.

The harsh decline in spot trading volume comes as a smack to the crypto exchange. The exchange primarily derives the biggest slice of its revenue from its trading fees, with its transaction revenue amounting up to 54% of its total earnings in the second quarter. However, the exchange’s total revenue in the previous year and quarters was as high as 88%.

Despite the platform’s decline in spot trading volume, the platform seemed to have gained market traction in the quarter ever since the crypto giant Binance has been facing regulatory scrutiny. 

Binance’s declining spot market share, which fell for the seventh straight month seemed to have contributed to Coinbase’s market traction. The exchange’s percentage of overall spot trading vo

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Author: Scott Matherson

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