• Spot trading fell to its lowest level since 2020.
• Crypto market cap maintained the $1 trillion mark as daily volume hits $37 billion.

The final days of the second quarter witnessed a notable decline in spot trading volume on major exchanges such as Binance, Coinbase, Kraken, and Bittrex. The primary reason behind this decline can be attributed to the regulatory hurdles that these exchanges encountered. The big question arises: How has this impacted cryptocurrency market capitalization?

Spot trading declines in Q2

A recent comprehensive report by Kaiko has shed light on a significant decline in spot trading in the second quarter of this year. The report highlighted the pivotal role the Securities and Exchange Commission (SEC) played in this decline across various exchanges.

The regulatory scrutiny commenced with Bittrex, which faced allegations of trading unregistered securities. As depicted in the report’s chart, this led to a substantial decrease in spot trading on the platform.

Following Bittrex, the SEC turned its attention to Binance US, Binance, and Coinbase, accusing them of offering unregistered securities. These allegations further contributed to the overall decline in spot trading activity. According to Kaiko, spot trading volumes reached their lowes

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Author: Adewale Olarinde

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