Cryptocurrency trading volumes were down by over 40 per cent in June, according to research from CryptoCompare.

Spot trading transaction volumes fell 42.7 per cent to $2.7 trillion, while derivative trading volumes fell 40.7 per cent to $3.2 trillion.

Binance was the top worldwide exchange by trading volume, despite its UK ban earlier this month, with its transaction volume falling 56 per cent to $668 billion.

Chinese founded Huobi Global was the world’s second biggest crypto exchange according to the research, reporting $162 billion in transaction volume for June, a fall of 40 per cent.

CryptoCompare attributed the fall in trading volumes to China’s recent crackdown, which saw the country shut down crypto mining operations and prohibit financial firms from offering crypto related services.

Sustainability concerns have negatively impacted the prices of cryptocurrencies over the past several months. Tesla chief executive Elon Musk publicly accused Bitcoin mining of being too fossil fuel intensive in May.

In June, Bitcoin’s price hit a monthly low of $28,908.

Share Story: