Sam Bankman-Fried’s cryptocurrency trading platform FTX has managed to overtake two major cryptocurrency exchanges in spot trading last month: Coinbase and OKX. FTX overtook these exchanges after seeing its volume rise 90% from the previous month.
According to information released by CryptoCompare in May 2022 Exchange Review, FTX ‘s trading volume rose 80.8% to $ 69.4 billion in May, making it the second largest cryptocurrency trading platform after Binance, up 14.3% to $ 532 billion last month. Binance’s market share is 50.9%.
FTX also managed to overtake OKX as its trading volume fell 29.4% to $ 82.1 billion. However, Coinbase struggled as its trading volume rose 10% to $ 79.7 billion in spot trading. According to a report by CryptoCompare, in May, the spot volume of the 15 largest Top-Tier exchanges rose 9.67% to $ 1.06 trillion.
Last month in particular, the cryptocurrency space saw the collapse of the Terra ecosystem, making both the LUNA and UST badges almost worthless. On May 8, when the collapse began, Binance, FTX, Coinbase, OKX and Bequant were the five largest exchanges to experience trading growth.
The report goes on to say that last month, BTC’s spot trading in fiat or stablecoins “peaked as investors fled the safety of these assets after the collapse of the Terra ecosystem.”
Tether’s USDT clearly remained investors’ primary asset, with its trading volume against BTC rising 68.9% last month. BTC trades in fiat currencies exploded, with USD volumes rising 103% to 1.43 million BTC and 190% yen and 82.7% yen.
Concerns about supporting the USDT were also seen in the trading volumes of other stable coins, including the Circle USDC. At the same time, CME’s monthly futures on BTC and ETH increased “as an indication of increased speculative activity”. Bitcoin futures contracts at CME “recorded the most after February 2021,” while the trading volume of Ethereum’s futures contracts rose to a new 136,165 trades.
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h/t – CryptoGlobe