The markets continued to decline in September as the Consumer Price Index (CPI) exceeded the consensus forecast and the US Federal Reserve announced its decision to raise the interest rate by 75bps.The crypto assets endured a market-wide sell-off in September, with the macroeconomic factors continuing to weigh down on risk assets. This was reflected in spot trading volumes, with BTC/USDT spot volumes rising 30.4% to 13.2mn.
- In September, the spot trading volume on Coinbase fell 17.6% to $48.1bn, recording the lowest volume on the exchange since January 2021.
- AAX has continued its incredible rise in market share, with its monthly spot trading volume increasing by 29.3% to an all-time high of $71.1bn in September.
- BTC spot trading to BinanceUSD jumped 79.2% to 3.84mn BTC, benefitting from the exchange’s decision to auto-convert USDC, USDP, and TUSD to BUSD. BTC spot trading to USDC also rose 27.8% to 471k BTC.