Crypto Trading Faces Sudden Collapse, Down $5.4 Trillion! What’s Going On?

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The once mighty crypto market has cooled off, crashing down to a mere $5.4 trillion in Q1 2025—a 16.3% tumble from the previous quarter. It’s like the life has been sucked out of it after a wild party in late 2024. Who saw that coming? Oh wait, everyone did. 🙄

The Crypto Markets Are Ice Cold—And Everyone’s Just Watching It Freeze

So, it turns out that all those euphoric “moon” predictions at the end of last year were just that—predictions. In Q1 2025, spot trading volumes on the top ten centralized exchanges (CEXs) dropped by 16.3%—landing at a measly $5.4 trillion. Ah, the sweet, sweet sound of reality kicking in after the high of 2024.

Binance didn’t want to be left out of the mess and still clung to its top spot, controlling 40.7% of the market, even though its monthly volume plummeted from over $1 trillion in December to just $588.7 billion in March. Ouch. Meanwhile, HTX managed to squeeze out some growth, up by 11.4%, while Upbit saw its volume nosedive by a heart-stopping 34% to $371 billion. The drama! 😬

Then, there’s Bybit. Poor Bybit. After suffering a huge blow in February from a hacking incident, its volume took a nose-dive, falling 52.4% to a pitiful $84.7 billion. It’s almost like the crypto gods decided to give it the ultimate “no thanks” treatment. But hey, it’s not just Bybit—overall market weakness seemed to have dragged everyone down.

Crypto’s overall market cap also felt the chill, dropping 18.6% to $2.8 trillion, while daily trading volumes shrank by 27.3%. Remember when Bitcoin hit its all-time high of $106,182 in January? Yeah, that was fun…until it dropped 11.8% by the end of the quarter. But look on the bright side: Bitcoin’s dominance increased to 59.1%—its highest since 2021. Talk about a consolation prize. 🙄

Oh, and as if that wasn’t enough, DeFi and NFTs also took a hit. DeFi’s Total Value Locked (TVL) fell by a massive 27.5%, while meme coin activity plummeted after the whole Libra debacle. Seems like the party’s really over, huh?

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2025-04-17 23:27