{"id":139947,"date":"2021-09-27T19:09:48","date_gmt":"2021-09-27T19:09:48","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139947"},"modified":"2021-09-27T19:09:48","modified_gmt":"2021-09-27T19:09:48","slug":"crypto-derivatives-exchange-dydx-trading-volume-overtakes-that-of-coinbase-spot-markets","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/crypto-derivatives-exchange-dydx-trading-volume-overtakes-that-of-coinbase-spot-markets\/","title":{"rendered":"Crypto Derivatives Exchange dYdX Trading Volume Overtakes that of Coinbase Spot Markets"},"content":{"rendered":"

Cryptocurrency derivatives exchange dYdX is witnessing increased adoption after China regulatory concerns arise.<\/b><\/p>\n

<\/span>dYdX Flips Coinbase in Trading Volume<\/strong><\/span><\/h2>\n

Layer-2 cryptocurrency derivatives trading platform dYdX has recently witnessed rising adoption among users, thanks to the regulatory crackdown on cryptocurrencies in China.<\/p>\n

Most recently, dYdX\u2019s trading volume eclipsed that of Coinbase\u2019s spot markets for the first time ever. Poetically enough, dYdX founder Antonio Juliano was a former Coinbase employee.<\/p>\n

Per data from CoinGecko, dYdX processed trades worth more than $4.3 billion in the past 24 years which towers over Coinbase\u2019s $3.7 billion in volume by almost 15%.<\/p>\n

As mentioned earlier, the rising adoption of decentralized exchanges comes on the heels of Beijing\u2019s crackdown on crypto-assets after China\u2019s central bank issued a notice stating it would clamp down hard on all crypto transactions in the country.<\/p>\n

Specifically, on September 24, the People\u2019s Bank of China stated that cryptocurrencies are \u201cnot legal and should not and cannot be used as currency in the market.\u201d This resulted in a massive market-wide sell-off leading to a bloodbath among digital asset prices.<\/p>\n

Yesterday, China-based cryptocurrency and blockchain reporter Colin Wu tweeted that the recent harsh words by the Chinese central bank has forced the Chinese to flock to decentralized exchanges to ensure they are able to trade and swap cryptocurrencies without any regulatory concerns.<\/p>\n

Further, data from CoinGecko indicates that trading volume on dYdX has increased a staggering 19,700% in the past six months. The exchange processed a meagre trading volume of $22 million at the end of April.<\/p>\n

In comparison, the increase in trading volume on Coinbase has remained relatively flat in the same time duration at just around 6%.<\/p>\n

<\/span>dYdX Becoming a Force to Reckon<\/strong><\/span><\/h2>\n

In addition to spot markets, dYdX also offers a wide variety of other crypto investment vehicles such as perpetual contracts that allow traders to hold leveraged positions on their tokens without using contracts with a fixed expiration date.<\/p>\n

As previously reported by BTCManager<\/i>, dYdX issued its governance token DYDX to allow the exchange\u2019s community to govern the platform.<\/p>\n

At press time, DYDX trades at $21.30 with a market cap of $1.068 billion, according to data from CoinGecko.<\/p>\n

<\/span>Related posts:<\/span><\/h3>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency derivatives exchange dYdX is witnessing increased<\/p>\n","protected":false},"author":3,"featured_media":139946,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"yoast_head":"\nCrypto Derivatives Exchange dYdX Trading Volume Overtakes that of Coinbase Spot Markets - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/altcoins\/crypto-derivatives-exchange-dydx-trading-volume-overtakes-that-of-coinbase-spot-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Derivatives Exchange dYdX Trading Volume Overtakes that of Coinbase Spot Markets - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrency derivatives exchange dYdX is witnessing increased\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/altcoins\/crypto-derivatives-exchange-dydx-trading-volume-overtakes-that-of-coinbase-spot-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-27T19:09:48+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/Crypto-Derivatives-Exchange-dYdX-Trading-Volume-Overtakes-that-of-Coinbase-Spot-Markets.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/altcoins\/crypto-derivatives-exchange-dydx-trading-volume-overtakes-that-of-coinbase-spot-markets\/\",\"url\":\"https:\/\/precoinnews.com\/altcoins\/crypto-derivatives-exchange-dydx-trading-volume-overtakes-that-of-coinbase-spot-markets\/\",\"name\":\"Crypto Derivatives Exchange dYdX Trading Volume Overtakes that of Coinbase Spot Markets - 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