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Crypto Trading Volume Continues to Decline

The SEC has revealed that crypto trading volumes have continued to decline since November. The number of fixed deposit accounts accounted for less than half of the total number of accounts, which is in line with the continued decline in Bitcoin prices.

The Securities and Exchange Commission (SEC) has released its weekly digital asset market report (as of March 11, 2022), which shows that $1.7 trillion, of which Bitcoin accounts for 42.33%, currently has a trading volume of $74.93 billion per day.

The top 5 digital assets with the highest market capitalization are BTC 42.33%, ETH 17.86%, USDT 4.58%, BNB 3.58%, and USDC 3.00%.

In 2022, the cumulative turnover is classified by type of digital assets, and they are widely spread. Tether, Bitcoin, and KUB have the highest share of trading volume (data as of March 7).

In addition, recent movements in the crypto market are urging Japanese crypto exchanges to refrain from transactions between Russia and Belarus.

The Japanese Ministry of Finance and the Japan Financial Services Agency announced today that the Japanese government will ask cryptocurrency exchanges not to trade Russian and Belarusian crypto assets. In addition, the assets are to be frozen as part of sanctions measures.

The statement said that government authorities will work with the platforms to tighten sanctions against the transfer of funds with crypto assets.

Previously, the Japan Financial Services Agency and the Japan Crypto and Virtual Asset Exchange Association (JVCEA) had been looking for ways to prevent digital assets from becoming a loophole to evade sanctions.

Shunichi Suzuki, Minister of Finance of Japan said, “We are monitoring the liquidation situation such as crypto assets and the SPFS for effective sanctions against Russia.”

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