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Home >Markets >Cryptocurrency >Spot trading volume for crypto tanks 43% on China mining ban

China’s persistent crackdown on bitcoin mining took a heavy toll on the global crypto market with prices of the digital currency falling 6% and spot volumes slumping 42.7% in June.

As prices keep dropping and volatility remains relatively low, spot trading volumes in the cryptocurrency space decreased by an immense 42.7% in June, while total derivative volumes dropped 40.7%, according to data provider CryptoCompare.

Even positive news of El Salvador becoming the first country to formally adopt bitcoin as legal tender failed to revive market fortunes. In June, bitcoin hit a monthly low of $28,908 as markets experienced continuous headwinds.

The top spot exchanges by volume during the month were Binance (Grade A) with $668 billion (down 56%), followed by Huobi Global (Grade A) with $162 billion (down 40.2%) and OKEx (Grade BB) with $141 billion (down 41.6%).

In June, spot volume from the 15 largest top-tier exchanges decreased 51.6% on average against May.

Coinbase (AA), BeQuant (BB) and Kraken (AA) followed with $77.4 billion (down 61.5%), $77.1 billion (down 3%) and $39.7 billion (down 60.4%) respectively.

On derivatives volumes, the CryptoCompare report said, “Derivatives volumes surpassed those of spot for the first time this year, with 53.8% market share, compared to 49.4% in May. Derivatives volumes decreased by 40.7% in June to $3.2 trillion while total spot volumes decreased by 42.7% to $2.7 trillion."

The top derivatives exchanges included Binance with $1.73 trillion (down 29.7%), OKEx ($508 billion, down 49.1%) and Bybit ($360 billion, down 37.0%).

As per CryptoCompare data, aggregate open interest fell for the second month in a row, from a weekly average of $27.8 billion in May to $16.4 billion in June (40.9% decline). This is adjacent with the continued fall in price in cryptocurrency markets, as bitcoin saw a 6% decline during June.

Binance had the highest open interest across all derivative products on average at $5.6 billion (down 38.4% since May). This was followed by OKEx ($2.5 billion, down 30.8%) and Bybit ($2.2 billion, down 37.2%).

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