Crypto.com Has Seen A 91% Drop In Trading Volume Over The Last Year

Cryptocurrency exchange Crypto.com’s trading volume has dropped 91% over the past year, its 7-day average trading volume has dropped from $4 billion to $380 million.

According to the Decypt report, from the data on coingecko it can be seen that the normal exchange volume of Crypto.com has dropped by 91%, from $4 billion to $380 million per day, using a 7-day average.

As previously updated, Crypto.com has also gone through multiple layoffs and had to cancel its $495 million sponsorship deal with the European Championships (EUFA). At the same time, the company was also in trouble and filed a lawsuit against a woman for keeping $10 million that was accidentally deposited into her crypto wallet.

In the wake of a sharp market downturn earlier this year, Singaporean crypto exchange Crypto.com has begun to cut staff, having about 2,000 employees, equivalent to 30%-40% of the workforce, including since last summer. It was previously reported that Crypto.com had laid off 1,000 employees, including marketing staff and an in-house creative team hired just a few months earlier.

Currently the price of the exchange’s token CRO is up 3.9% in 24 hours and is trading at $0.1142. However, this price is also down 88.29% from the peak price of $0.9698.

Similar volume declines occurred on other exchanges as well, with Huobi losing 90% of its normal volume, FTX 77%, Coinbase 75%, and Binance down 57% year over year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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