Cryptocurrency trading volumes decreased significantly in June according to data from Cryptocompare, a price and volume tracking organization. Volumes traded diminished by at least 40% month-on-month, with spot and derivatives trading both suffering due to the mining and trading crackdown in China, amongst other factors. The resulting volatility seems to have made many traders lose interest.
Trade Volumes Kept Falling in June
Cryptocurrency trading volumes experienced a sharp decline in June, according to data from Cryptocompare. The data collected by the price and volume tracking organization shows that trading, in general, experienced a slump of at least 40%. Spot volumes suffered the most, with users trading 42.7% less compared to volumes in May. In total, $2.7 trillion was traded last month.
Derivatives trading also suffered a sharp decline. Trading fell 40.7% month-on-month to $3.2 trillion. Analysts state this decline has to do with one key reason: the mining and cryptocurrency trading crackdown that happened in China last month. This