Crypto Trading Volume Plunges 43% in April, Reversing 7-Month Decline

Cryptocurrency trading volumes (spot and derivatives) plunged in April for the first time in seven months, CoinDesk reported, citing crypto research firm CCData. April's trading volume was $6.58 trillion, down 43.8% from the previous month ($9.12 trillion).

Futures and options markets accounted for $4.57 trillion, down 47.6% from the previous month. The spot market was down 32.6% to $2.1 trillion. Among the exchanges, Binance's spot volume was also down 39.2% to $679 billion. This is the first decline since September last year. “This is likely due to unexpected macroeconomic data (indicators), heightened geopolitical tensions in the Middle East, and slowing inflows into US BTC spot ETFs,” CC Data said. This has led to a retracement of most of the March price gains for major cryptocurrencies,” analyzed CC Data.