March was a very prosperous month for crypto trading with centralized exchanges recording a 6-month high in terms of trading volumes. The U.S. banking crisis that began during the month mostly had no effect as the total trading volume in centralized exchanges grew by over 25%. Binance had its trading volume increase, albeit it lost market dominance as other competitors such as OKX and Coinbase saw a more significant increase. The crypto giant's loss of dominance was likely due to their halting of zero-fee trading and other regulatory issues, while an uptick of interests in derivatives trading, with a seven-day average market share of 44.5%, rose to a new all-time high of 64%. Across all centralized exchanges, derivatives volume totaled $2.77 trillion and recorded a high of $170 billion on March 14th. This was the highest monthly trading volume since September 2022 and showed a 47.3% increase from February's daily intra-month high of $116 billion. This surge in derivatives trading is indicative of the growing interest in crypto assets and highlights their increasing usage as investors sought leverage in the current market turmoil.



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