Decrease in the volume of fiat transactions of crypto exchanges: the economic crisis continues!

According to the news site The Block, The volume of fiat transactions of crypto exchanges has faced a significant decrease. This topic Continuation of crypto winter is showing.

The volume of fiat transactions of crypto exchanges It decreased for the fifth month in a row. The volume of transactions in September has decreased by about 3% compared to August 2022.

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Reducing the volume of fiat transactions of crypto exchanges

According to data published by the news website The Block, September is the fifth month in a row during which the volume of fiat exchanges faces a sharp decline. Among the cryptocurrency exchanges that Transactions of fiat assets support, FTX has the largest trading volume.

24.6 percent of all fiat transactions in FTX exchange takes place Coinbase exchange has taken the next place. 22.7% of transactions are done in this exchange. Upbit exchange also holds the third place with a trading volume of 13%.

The volume of transactions of fiat digital currency exchanges in September 2022 was about 210.6 billion dollars, which has significantly decreased compared to the volume of 219 billion dollars in August.

Comparison of the monthly volume of fiat transactions of exchanges

The Block news site in a month-by-month report Digital currency exchanges compared with each other. According to this report, the volume of fiat transactions between August and September decreased by about 3.8 percent. The largest month-on-month decrease in the last five months occurred in the period May to June 2022. In this period of time, the volume of transactions of fiat exchanges has decreased by 20%.

The decrease in the volume of fiat transactions in digital currency exchanges, as well as the widespread stagnation of the cryptocurrency market, made many companies resort to layoffs. Exchange Coinbase laid off more than 18% of its employees in June. Gemini also retrenched 68 positions the following month.

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Source: theblock