In the crypto market, USD-backed exchanges saw a significant recovery in trading volume last month. The total volume on platforms offering direct trading of US dollar pairs and stubcoin with USDT and USDC has reached $279 billion.
US-backed crypto exchanges increase trading volume: US investors reactivate
Market Leaders Crypto.com, Coinbase, and Kraken remain strong in their USD-based trading pairs, but small exchanges are also beginning to share this increase.
US users face restrictions on many global platforms, but account for more than 10% of global trading volume, highlighting the impact that American investors have on the market.
Meanwhile, a recent announcement by the US Commodity Futures Trading Commission (CFTC) regarding regulations on offshore exchanges has raised expectations that American users will regain access to platforms such as Binance. The prospect highlights a $850 billion monthly volume that US investors currently have no access to on Binance and Bybit.
Speculation also affects decentralized exchanges. The price of the hype token has dropped to expectations that US investors will regain access to vinance. This development shows that Binance's impact on global markets is also felt in areas where it is not working.
Experts say that Binance's chances of returning to the US market could seriously shake up the current market balance.
*This is not investment advice.
