Crypto trading volumes on Binance have been declining since the first quarter of 2023 during the US banking crisis. This is exactly the time when Bitcoin is falling.
Bitcoin liquidity on Binance has more than halved since February, from $45 million to $16 million in early May, analyst Dessislava Aubert said.
The drop in liquidity on Binance was partly due to the fact that Binance introduced a fee-free promotion on 13 BTC pairs, leading Market Maker to retire from the platform as well.
Trading volume for the BTC/USDT pair fell from $16 billion during March to $2 billion during April.
What affects the price of Bitcoin?
Bitcoin Trading Volume Drops on Binance, BTC Price Volatility Looking at data from Kaiko, Bitcoin prices are more volatile during the day.
At press time, Bitcoin price is at $26,470.26, down more than -3% over the past 24 hours. Previously, the price of Bitcoin was at $ 27,000, which is quite volatile, if you look at the graph from CoinGecko
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