The total trading volume of cryptocurrencies saw a 56% fall in June compared to May, iHodl Russia has learned, citing a report from the EXMO cryptocurrency exchange. The number of traders on the trading platform fell by 38%, while transactions saw a 35% decrease last month.
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The shares of tether (USDT) and bitcoin (EXANTE: Bitcoin) in terms of trading volumes on EXMO were approximately on the same level of ~21%. The total amount of bitcoin transactions in May was slightly higher than with the stablecoin. According to a spokesperson for EXMO, the decrease suggests that traders in June were more inclined to fix positions in stablecoin as at the end of the month, 81% of the cryptocurrencies presented on the platform were in the red.
Of these, 35% have lost more than 30% in prices, while over half have fallen in price by at least 15%. In a bear market, the rates of most cryptocurrencies moved almost synchronously, which resulted in a strong direct correlation.
As for the main trigger of the decline the spokesperson cited the tightening of regulation in China. As iHodl earlier reported, Chinese Vice Premier, Liu He, called for more regulation on the cryptocurrency mining market in order to protect the financial system.
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