Binance trading volume falls to its lowest since October 2020

According to Nomics statistics, daily crypto trade volume on Binance fell to $9.39 billion on December 23, the lowest since October 2020.

In comparison to November 8, when daily trade volume on Binance reached $172 billion, the current data shows a loss of almost 94.5% in the last 24 hours. Trading volumes on most centralized exchanges have been hampered by the forthcoming holiday season and the raging bear market.

According to Nomics statistics, Coinbase's daily trading volume plummeted to $1.11 billion in the last 24 hours, the lowest since November 2020. Similarly, according to Nomics statistics, the daily cryptocurrency trading volume on OKX decreased to $6.39 billion during the last day, the lowest since April 2021.

According to CoinGecko research, crypto derivatives trading volume on exchanges has dropped by 24% since the collapse of FTX. According to the report, one possible explanation for the drop in trading volume is that traders have stopped or curtailed their trading activities since the FTX crash. Furthermore, the study found that trade activity often drops near the end of the year.

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