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 <p class="paragraph">With the anticipation of an approval of the first spot Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>-traded fund (ETF), <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> on cryptocurrency <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s has picked up the pace, surpassing the monthly volume of $1 <a rel="noopener noreferrer nofollow" title="trillion" href="https://thebittimes.com/tag/trillion.html">trillion</a> for the first time since September 2022.</p>
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 <p class="paragraph">Indeed, December 2023 witnessed a massive uptick in crypto trading on exchanges, with the volume reaching $1.1 trillion, a level last achieved over a year before, according to the information shared by the crypto market monitoring platform on January 2.</p>
 <h2 class="wp-block-heading" id="h-december-2023-vs-september-2022">December 2023 vs. September 2022</h2>
 <p class="paragraph">As it happens, back in September, monthly trading volume for crypto exchanges crossed the $1 trillion mark, registering a total of $1.03 trillion. It is also worth noting that the recent figures set the highest monthly mark since May 2022, when trading volume hit $1.35 trillion, the platform said.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/QqQWiGqcUhdiimDGlFzt3KorHKSY26UwmLGPUvaKCCgigTyMUgts7qZsQ4CxdsA2Z8LEod7pFZnmREbjGAU4YoGyJeC_8ERoShCvnSuWj2LemeR_kMdLmppHotAZ6D86KeihEai3iAvnCKo9daTnAgk" alt>
  <figcaption class="wp-element-caption"><em>Monthly spot market volumes across crypto exchanges. Source: </em><em>The Block</em>
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 <p class="paragraph">Notably, Binance was the top crypto trading platform of choice in December, during which it occupied nearly 40% of the total crypto exchange volume at $432 billion, followed by Upbit in the second spot at 8.3% or $92 billion, and OKX at 8% or $87.5 billion, as the analytics platform’s data indicates.</p>
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 <p class="paragraph">Commenting on such high numbers in what is usually a slow month, Steven Zheng, Director of Research at <em>The Block,</em> explained that they were likely due to the enthusiasm present in the crypto sector regarding the possible approval of the first spot Bitcoin exchange-traded fund:</p>
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  <p class="paragraph">“Given the holiday season, December is historically a slow month for <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> in crypto. (…) The fact that monthly spot volumes cracked $1 <a rel="noopener noreferrer nofollow" title="trillion" href="https://thebittimes.com/tag/trillion.html">trillion</a> for the first time in over a year really speaks to the optimism the industry has on the forthcoming spot Bitcoin ETF approval and rebirth of a bull market.”</p>
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 <p class="paragraph">At the same time, this optimism has allowed the flagship decentralized finance (DeFi) asset to rally this past weekend and briefly trade above the important level at $45,000 before returning below it and changing hands at the price of $43,389.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-exchange-trading-tops-1-trillion-for-first-time-since-2022-tbt75585.html">https://thebittimes.com/crypto-exchange-trading-tops-1-trillion-for-first-time-since-2022-tbt75585.html</a></p>

Crypto exchange trading tops $1 trillion for first time since 2022

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