Leading global cryptocurrencies Bitcoin and Ethereum plunged more than 4% on Friday as markets considered negative trading volumes and macroeconomic and financial conditions.
Binance, the world's largest crypto exchange, reported a 4% decline in its spot market share in April to 33.8%, marking its first drop since September 2023. Similarly, CME Group, a leading Bitcoin derivatives exchange, experienced a nearly 20% decrease in trading volumes, amounting to $124 billion. This slowdown overlaps with various economic challenges, including persistent inflation concerns in the US and escalating tensions in the Middle East.
At 2:47 pm ET, Bitcoin (BTC) fell 4.00% to $60,550, and Ethereum (ETH) went down 4.43% to sell for $2,902 simultaneously.
