Fiat exchange volumes fell for the fifth month in a row in September

Markets • October 2, 2022, 5:49PM EDT
the block

Quick Take

  • September marked the fifth month in a row that fiat exchange volumes fell.
  • Fiat exchange volumes declined by -3% in September compared to August.

September marks the fifth month in a row during which fiat exchange volumes fell, according to The Block’s Data Dashboard. 

Of the crypto exchanges with fiat support, FTX saw the most volume in September — 24.6%. Next was Coinbase with 22.7%, followed by Upbit with 13%.

Exchanges reported $210.6 billion in total fiat exchange volume during Sept., compared to $219 billion in August.

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The month-over-month change between August and September was -3.8%, though the largest decrease in the last five months was between May and June at -20%. 

Falling crypto exchange volume and the broader crypto market downturn spurred many of these companies to conduct layoffs in recent months. In June, Coinbase laid off 18% of its employee base. The next month, Gemini cut its staff by 68 positions.


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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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