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Crypto Trading Concentrated In A Few Exchanges Worldwide

More than 90% of cryptocurrency trading worldwide is handled by just eight exchanges, according to a new report by data analytics firm Kaiko.

The top eight exchanges account for 92% of all bids and asks related to cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), according to the report.

Binance, the largest cryptocurrency exchange globally, has this year accounted for more than 60% of worldwide trading volumes.

Besides Binance, the other major crypto exchanges include Coinbase (COIN) and Huobi. While there are hundreds of cryptocurrency exchanges worldwide, most see little or no trading action.

In its report, Kaiko states that: “Natural market forces have inevitably led to increasing concentration… highly concentrated crypto markets can create points of failure for the industry.”

The report on concentration among crypto exchanges comes as prices for digital coins and tokens remain volatile.

In August, cryptocurrency trading volumes declined to their lowest level of the year in a sign of waning interest among retail investors.

Crypto trading volumes fell 11.5% to $2.09 trillion U.S. in August, the second-lowest monthly total since October 2020, according to information from CCData.

Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $25,600 U.S., down from more than $30,000 U.S. at the start of the summer this year.