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Bitcoin’s Big Rally Hasn’t Drawn People Back. It’s a Bad Sign for Coinbase Stock.
Trading volume on crypto exchanges which include Coinbase Global and Binance hit a 31-month low in May despite a rally in the price of Bitcoin and other tokens. Coinbase (ticker: COIN) had $26.9 billion in volume in the spot market in May, according to data from The Block, while overall crypto exchanges had $439.5 billion in volume. In the spot market, crypto is delivered immediately, though some exchanges also do robust business in crypto derivatives.
Trading volume on crypto exchanges which include Coinbase Global and Binance hit a 31-month low in May despite a rally in the price of Bitcoin and other tokens. Coinbase (ticker: COIN) had $26.9 billion in volume in the spot market in May, according to data from The Block, while overall crypto exchanges had $439.5 billion in volume. In the spot market, crypto is delivered immediately, though some exchanges also do robust business in crypto derivatives.
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