September marks the fifth month in a row during which fiat exchange volumes fell, according to The Block’s Data Dashboard.
Of the crypto exchanges with fiat support, FTX saw the most volume in September — 24.6%. Next was Coinbase with 22.7%, followed by Upbit with 13%.
Exchanges reported $210.6 billion in total fiat exchange volume during Sept., compared to $219 billion in August.
The month-over-month change between August and September was -3.8%, though the largest decrease in the last five months was between May and June at -20%.
Falling crypto exchange volume and the broader crypto market downturn spurred many of these companies to conduct layoffs in recent months. In June, Coinbase laid off 18% of its employee base. The next month, Gemini cut its staff by 68 positions.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).
Source: https://www.theblock.co/post/174327/fiat-exchange-volumes-fell-for-the-fifth-month-in-a-row-in-september?utm_source=rss&utm_medium=rss