Analysts also reported a 56% drop in ETH reserves. BTC trading volume on the US spot market has dropped to 2016 levels and is only 21% of the global volume. And if we take into account that American platforms practically do not provide access to the cryptocurrency futures market, which is 11 times larger than the spot market, then the situation becomes even more sad. At the same time, trading volumes on Asian crypto platforms have increased by 30% and 20% for the spot and futures markets in recent weeks, respectively.
The significant decrease in the capitalization of stablecoins issued by American companies is also important. Since the beginning of the year, the indicator has decreased by $15 billion, or 35% of the total capitalization. This is due to regulatory uncertainty and recent lawsuits by the US Securities and Exchange Commission (SEC) against the Binance and Coinbase exchanges.
However, the influx of bitcoins is recorded on sites based in countries that are more friendly to cryptocurrencies. For example, in the European Union and Hong Kong. One of the Hong Kong legislators invited Coinbase and other cryptocurrency exchanges to open local offices. Johnny Ng stated that the country is attracting innovative companies and he will personally provide all the necessary assistance to crypto firms.
Earlier, former CFTC Chairman Timothy Massad said that the future of the crypto industry depends on the outcome of the SEC proceedings with the Binance and Coinbase exchanges.
Source: Bits
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