According to BanklessTimes.com, a data analysis platform, Coinbase’s trading volume saw a rise over the past year. The site is expected to report that in Q2 of 2022, the exchange had a trading volume of $217 billion and in Q2 of 2023, it reduced to about $92 billion.
As per the release, the fall represents about 58% decline in the metric. It is believed that Alice Leetham, an analyst, crypto expert, BanklessTimes, have explored the factors which might be influencing the shift and has shared her insights on the development.
“The evolving crypto landscape demands adaptability. Exchanges must, therefore, innovate to stay relevant to users’ changing needs,” The evolving crypto landscape demands adaptability. Exchanges must, therefore, innovate to stay relevant to users’ changing needs,” Alice Leetham, crypto expert, BanklessTimes, explained.
Furthermore, the decrease in the market came during the competition in the cryptocurrency exchange space. Supposedly, the new and innovative exchanges are creating an impact on users’ attention and trading activity, eventually leading in the decreased rate, as per insights from the release.
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