In the second quarter of 2020, Bitcoin rose from $5,500 to over $9,500, briefly surpassing $10,000. However, cryptocurrency exchange trading volumes declined quarter-on-quarter. This divergence between price and volume appears stark when considering Bitcoin's high-risk nature that began in the second quarter. According to CoinGecko's latest quarterly report, trading volume at the world's largest cryptocurrency exchanges dropped by 7% net compared to the first quarter of 2020. However, this decline was not evenly distributed across exchanges—some lost nearly one-third of their volume, while others saw double-digit growth. Binance saw a significant drop of 10% in trading volume compared to the previous quarter. Binance traded $183 million worth of cryptocurrencies during the quarter, and its 10% decline accounted for 53% of the total drop in trading volume. OKEx ranked second among spot exchanges, declining by 3.2%, followed by Coinbase Pro, also down 3.2%. From March to July, Bitfinex experienced a sharp decline of 33.8%, or $66 million, the largest drop among the top ten exchanges, with Poloniex closely following, down 32.6%. Only two exchanges reported increased trading volume: Kraken and Bitstamp, which grew by 1.3% and 14.8% respectively.
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