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

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.

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.


© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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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