Crypto trading volumes dropped sharply in February as concerns that President Donald Trump’s tariffs on Mexico, Canada and other countries would stifle international trade reduced investor demand for adding to risky investments.
Combined spot and derivatives trading volume on centralized exchanges fell 21% to $7.2 trillion, the lowest level since October, according to CoinDesk Data’s latest Exchange Review.
Since November, the Trump administration has threatened to impose tariffs on trading partners including China and the European Union in response to what it considers unfair trade practices against the U.S. in various industries.
Among centralized exchanges, Binance maintained its position as the largest spot trading platform with a 27% market share. It was followed by Crypto.com (8.1%) and Bybit (7.4%) with Coinbase (COIN) and MEXC Global rounding out the top five.
