Coinbase (NASDAQ: COIN) saw its spot trading volume slump 52% in Q3 according to a new report by Bloomberg. The crypto exchange logged $76bn in volume during the latest three-month period, a record low since it went public on the Nasdaq in a historic listing two and a half years ago.
Coinbase’s (COIN) spot trading volume down 52% in Q3
Coinbase’s volume has been on a steady decline since Q4 2021, a boom year for the industry. It closed that year with more than $400bn in volume. The broader cryptocurrency market has contracted during the last 18 months, making it more difficult for exchanges to drive growth. However, Coinbase did gain market share in Q3 as its rivals faced regulatory headwinds.
Binance’s struggles with stricter legislation surrounding the advertising of crypto in certain regions have severely affected its performance. New data shows that its spot market share slumped for the seventh month in a row in September. That volume has been hoovered up by competitors including DigiFinex and Bybit.
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While crypto volumes are lower in 2023, there has been a silver lining for many exchanges; rising website traffic. Bitmart is among those that have registered a jump in traffic levels for the year-to-date. HTX (formerly Huobi) has been another big winner with a 200% increase.
That’s not a feather in Coinbase’s cap though as it has also seen a drop off in traffic in recent months. Overall, it’s a far cry from the day when Coinbase traded on the Nasdaq for the first time in April 2021, and bitcoin (BTC) hit an all-time high of $64,000.
