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  <p class="is-style-lead">According to a crypto data platform CoinMarketCap, 20 crypto exchanges contributed $1.67 trillion in total spot trade volume in Q2 2023, which represents a 36% drop from the previous quarter.</p> 
  <p>Binance, despite its current legal hurdles, still maintains a majority hold on the market with a total spot trading volume of 59.99%.</p> 
  <h2 class="wp-block-heading" id="the-market-is-slowing-down">The market is slowing down</h2> 
  <p>The 36% drop indicates a notable slowdown in market activities. In part, this may be attributed to the&nbsp;<a href="https://www.reuters.com/technology/bitcoin-steadies-above-25000-binance-sec-lawsuit-rattles-investors-2023-06-06/" target="_blank" rel="noopener noreferrer nofollow">surge in withdrawals</a>&nbsp;that followed the SEC lawsuit on June 5, CoinMarketCap points out. However, despite this finding, Binance and the other top 5 exchanges continue to maintain their spot in the crypto community holding 85% of the entire spot market activity. </p> 
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     <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CMCResearch?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CMCResearch</a>: A Comprehensive Guide to Exchange Activities in H1 2023 🔎<br><br>In this report, <a href="https://twitter.com/hashtag/CMC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CMC</a> provides insights into the true condition of the <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#cryptocurrency</a> market by conducting a health check based on <a href="https://twitter.com/hashtag/DEX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DEX</a> &amp; <a href="https://twitter.com/hashtag/CEX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CEX</a> activities. 💪<br><br>Details 👇 <a href="https://t.co/C0AoneQolD" target="_blank" rel="noopener noreferrer nofollow">https://t.co/C0AoneQolD</a></p>— CoinMarketCap (@CoinMarketCap) <a href="https://twitter.com/CoinMarketCap/status/1678761290771353608?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 11, 2023</a> 
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  <p>Moreover, major players, including Binance, Coinbase, and Kraken, continue to maintain the highest average liquidity scores &gt;700. It is worth noting that a perfect score is 1000, indicating no slippage.</p> 
  <p> You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-deserve-approval-asserts-former-sec-chairman-jay-clayton/" rel="noopener noreferrer nofollow"> Spot bitcoin ETFs deserve approval, asserts former SEC chairman Jay Clayton </a> </p> 
  <p>The report states that the present trade volume shows similarities to the market conditions observed during the recovery phase after the FTX crash.</p> 
  <p>The research also describes the state of the DEX market, pointing to Uniswap for its dominance in the DEX market, capturing a market share of 57.5%, sharing that its monthly volume has been on par with Coinbase’s spot volume. The top 3 DEXs — Uniswap, Pancake, and Curve — accounted for 82% of the total market in H1 2023. </p> 
  <p>Still, the report suggests that centralized exchanges are currently the preferred choice over their decentralized counterparts, which may be likened to regulatory developments and lower gas fees, among other reasons.</p> 
  <p>Although ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) had traditionally held the majority of decentralized trading volume, another interesting trend in Q2 was that BNB has shown rapid acceleration to catch up.</p> 
  <h2 class="wp-block-heading" id="trouble-in-major-exchanges">Trouble in major exchanges</h2> 
  <p>Alongside these reports is the news that Gemini, the exchange created in 2014 by Cameron and Tyler Winklevoss, <a href="https://crypto.news/crypto-exchanges-in-the-crosshairs-as-gemini-sues-dcg-blackrock-resubmits-bitcoin-etf-application-weekly-recap/" target="_blank" rel="noopener noreferrer nofollow">filed a lawsuit </a>against Digital Currency Group (DCG), accusing them of fraud. Despite the fact that the tension between these two companies has been growing, the legal actions came as a surprise to the cryptocurrency community.</p> 
  <p>Coinbase and Binance are also tied in the legal battle with the SEC, which has accused both exchanges of operating as unregistered security exchanges, among other alleged violations.</p> 
  <p> Read more: <a href="https://crypto.news/the-battle-of-sec-and-crypto-companies-2023-outline/" rel="noopener noreferrer nofollow"> The battle of SEC and crypto companies: 2023 outline </a> </p>
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Crypto spot trading volume drops 36% in Q2, CoinMarketCap reports

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