Global crypto exchange volumes have crashed to levels last seen in December 2020.
Cryptocurrency exchange volume in October was just $543 billion — down from $733 billion in September — according to The Block's data dashboard. The last time levels were this low was in December 2020, when they came in at $385 billion. (The same month, bitcoin hit multiple new all-time highs, trading above $28,000.)
October marked six months since the crypto downturn began and five months since the high-profile TerraUSD collapse. Prices were stagnant for most of the month before rallying last week. Volatility hit its lowest levels since July 2020 in October.
Binance accounted for the majority of crypto exchange volume — clocking in at $390 billion for the month.
Volumes by region
North American volumes fell to just over $78 billion.
Coinbase accounted for the majority of volumes in this region, with around 60% of the volumes — $46.9 billion — flowing through the exchange.
Based on two exchanges, South America volumes were $9.4 billion — down slightly from September when volumes reached $11.6 billion. However, it shows an increase from August of more than $1 billion.
Asian exchanges registered just $529 billion in October, the lowest since December 2020.
In Europe, volumes fell to October 2020 lows — registering just $17.7 billion. European volumes fell just over 20% month-on-month.
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