Cryptocurrency investors have been spooked by recent legal action by US securities regulators against cryptocurrency exchanges Coinbase and Binance, with the top three decentralized exchanges (DEXs) seeing a median trading volume jump of 444% in the past 48 hou rs %.
According to aggregated data from CoinGecko, the total daily trading volume of Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum) and PancakeSwap v3 (BSC) accounting for 53% of the total DEX trading volume in the past 24 hours increased by more More than $792 million between June 5 and June 7. Additionally, trading volume on DEX Curve, which allows stablecoin trading, soared 328%. At the time of writing, most of the trading activity on Curve is focused on trading USD Coin, the dollar-pegged stablecoin and tether.
During the memecoin frenzy in May, DEX's trading volume briefly surpassed that of Coinbase. With memecoins not listed on major centralized exchanges, crypto investors flocked to buy tokens like Pepe (PEPE) and Turbo (TURBO) via Uniswap and many other de centralized protocols. Binance's Network Outflows The Differente Between The Value of Assets Entering and Exning The Exchange Hit A Staggering $ 778 As a DEX Volumes Surged. It Is Worth NOTIN. g that thecurrent network outflow is still far below the topal reserves of the exchange. At the time of more, Binance maintains stablecoin balances of over $8 billion.
The market frenzy comes amid a series of legal actions by the US Securities and Exchange Commission (SEC) against cryptocurrency exchanges. On June 6, the SEC sued Coinbase, accusing it of offering unregistered securities and acting as an unregistered securities broker, among other charges . A day earlier, on June 5, the SEC instructed Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ) with similar charges. The SEC accused Binance of failing to register as a securities exchange and thus operating illegally in the United States According to the charges, Zhao was charged as a "controlling person".
