The top cryptocurrency exchanges globally have witnessed a significant reduction in trading volumes in the past 24 hours. Notably, the ripple effects of America’s increasing regulatory scrutiny seem to be impacting all exchanges. This notable decline is present across the board, despite the fact that weekends are typically marked by quieter trading activity in the cryptocurrency markets.

Last week, billions of dollars left centralized exchanges in the wake of escalating regulatory actions by the U.S. Securities and Exchange Commission (SEC) and consequential lawsuits. According to data from CoinMarketCap, the trading volumes for the top nine cryptocurrency exchanges have plummeted between 30% and 55% over the past 24 hours. This decrease in volumes might be perceived positively as the recent exodus from exchanges appears to have subsided.

Impacts on Leading Exchanges

Binance, one of the world’s largest crypto exchanges, has seen its trading volume decrease by 33.4% to $5.6 billion, with BTC/USDT being the most traded pair accounting for 23.3% of the total. Additionally, Coinbase, also under SEC scrutiny, has experienced a 41% drop in 24-hour volume. Other exchanges like Kraken, Bitstamp, and Bitfinex have seen their volumes shrink by more than 50%.

Furthermore, Binance has experienced substantial outflows over the past week. Glassnode data shows that its BTC balance has decreased by 5.7%, equivalent to around $1 billion in Bitcoin, following the SEC action last week. However, these outflows are modest compared to the ones that followed the FTX collapse in November.

Assessing the Shift in Volumes

Despite the dip in volumes, it is important not to overstate these figures. Changpeng Zhao, Binance’s CEO, recently warned investors against reading too much into exchange outflow data. Many analytics platforms use the Total Value Locked (TVL) metric, which includes decreases in crypto asset prices.

For instance, DeFiLlama reported an outflow of $3.4 billion from Binance over the past week. However, considering the crypto market cap has decreased by over $80 billion during the same period, the data seems skewed.

On June 12, CoinMarketCap reported a daily volume of $26.4 billion, roughly half of the $54 billion daily trade volume recorded on June 6, during the height of market panic. This suggests that total trading volumes have returned to levels observed prior to the SEC’s recent regulatory actions.

The post Significant Dip in Trading Volumes Observed Across Major Crypto Exchanges appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to the Arkham Intelligence dashboard, the lender holds 410,378 staked ETH worth $862.45 million, and the pending withdrawals of staked assets by other centralized crypto exchanges account for around 85% of entities waiting to withdraw. Per Nansen data, Kraken accounts for most of the pending withdrawals with 556,321 ETH, followed by Binance with 216,208 ETH and Coinbase with 117,239.

The recent regulatory actions in the United States could be forcing firms in the region to withdraw their staked ETH. Kraken was fined $30 million by the SEC in February for failing to register its staking services, and the regulator has also filed charges against Gemini while issuing a Wells notice to Coinbase.

Meanwhile, Celsius creditor and crypto blogger Tiffany Fong shared a screenshot of the bankrupt lender’s monthly fee statement on April 14. The statement includes a $72,000 invoice titled “Tiffany Fong litigation,” suggesting that Celsius wants to sue Fong. With approximately $119,000 locked in the firm, Fong has been actively reporting on the Celsius bankruptcy case while sharing leaked internal information.

Celsius Withdraws Over $13 Million of Ethereum from Staking

Celsius, a bankrupt crypto lender, has withdrawn over $13 million worth of Ethereum from staking. This includes 6,521 staked Ethereum that the firm withdrew since the network-enabled withdrawals through the Shapella upgrade. On April 14, on-chain investigator Lookonchain reported that $504.5 million worth of Ethereum had been withdrawn, with Celsius, liquid staking protocol Lido, and Figment being the top three addresses.

According to blockchain analytical firm Nansen, Celsius has withdrawn 4,991 ETH as of April 13, equating to 3.64%. Additionally, the lender holds 410,378 staked ETH worth $862.45 million. Pending withdrawals of staked assets by other centralized crypto exchanges account for around 85% of entities waiting to withdraw, with Kraken accounting for most of the pending withdrawals with 556,321 ETH.

Regulatory actions in the United States could be forcing firms in the region to withdraw their staked ETH. In February, the SEC fined Kraken $30 million for failing to register its staking services. The regulator has also filed charges against Gemini and issued a Wells notice to Coinbase.

Celsius Plans to Sue Creditor for Leaking Confidential Information

Crypto blogger Tiffany Fong has claimed that Celsius wants to sue her in an April 14 tweet. Fong shared a screenshot of the bankrupt lender’s monthly fee statement, including a $72,000 invoice titled “Tiffany Fong litigation.” As a Celsius creditor with about $119,000 locked in the firm, Fong has been actively reporting on the Celsius bankruptcy case while sharing leaked internal information. The blogger also got the broader market attention when she interviewed the founder of the now-defunct crypto exchange, FTX, Sam Bankman-Fried.

The post Celsius Withdraws Over 6,000 Staked Ethereum and Plans to Sue Creditor appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.