Crypto.com trading volume plumets!
Hi HODLers,
It seems like a while back, but just a year ago, we witnessed one of the most famous Crypto Ad: "Be Brave, be Bold..." featuring the Matt Damon.
Volumes have dropped 91%! The 7-day volume was close to $4bn back then and is just $380mn during the past week.
Shortly after this came out, in November, Crypto.com spent $700 million for naming rights of the Los Angeles.
This was the high for the previous Bull Market and I understand we currently are in a bear market but this drop is significant and higher than other CEX or DEX.
Crypto.com is now playing defense
Over the last couple of months, Crypto.com has mostly been featured in the negative news
- Multiple rounds of layoffs,
- Cancelled a $495 million sponsorship deal with the European Champions League (EUFA)
- Filed a lawsuit against a woman for keeping $10 million it accidentally sent to her crypto wallet.
Other exchanges have been feeling the pain, volumes are down:
- 90% at Huobi
- 77% at FTX 77%,
- 75% at Coinbase,
- Even Binance which rolled out zero-fee trading for Bitcoin and Ethereum over the summer lost 57% of its volume
Hopefully volumes will come back as the next Bullrun happens!
Stay safe out there,
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