The spot trading volume of Coinbase, one of the largest crypto exchanges in the United States, has experienced a significant decline, dropping by over 50%. This decline indicates a shift in interest in crypto trading. According to analysis from digital asset data provider CCData, Coinbase recorded approximately $76 billion in spot trading volume for the third quarter of 2023, marking a 52% decrease compared to its previous quarterly record. These numbers represent the lowest spot trading volume for Coinbase since before its listing on the Nasdaq Stock Market in 2021. It is worth noting that this decline occurred months before the peak prices of cryptocurrencies. Despite the decrease in spot trading volume, Coinbase managed to gain market share in the last quarter, benefiting from increased regulatory scrutiny faced by competitor exchange Binance. Binance’s spot market share has been declining for seven consecutive months, with the lost trading volume being captured by exchanges such as Coinbase, Bybit, and DigiFinex. While overall trade volumes and market shares for crypto exchanges have decreased, some platforms have seen success in terms of website traffic. Exchanges like OKX, HTX (formerly Huobi), Gate.io, CoinW, XT.com, and Bitmart have experienced notable increases in web traffic year-to-date. HTX’s web traffic saw a 200% increase, while Gate.io and Coinw witnessed traffic surges of 143% and 66% respectively.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	0
People	None
Companies	Gate.io, Nasdaq Stock Market, Coinbase, Bybit, DigiFinex, Binance, CoinW, CCData, XT.com, OKX, Bitmart, HTX (formerly Huobi)
Currencies	None
Securities	None