Fiat exchange volumes fell for the fifth time in a row as September ended, according to The Block's Data Dashboard.
Among crypto exchanges that support fiat, FTX ranked highest in terms of volume in September with 24.6%, followed by Coinbase with 22.7 % and Upbit with 13%, the data showed.
While the August exchanges report showed $219 billion in total fiat exchange volume, the September report showed $210.6 billion, and the month-over-month change between the two months was -3.8%.
The months between May and June saw the largest decrease in the last five months with -20%.
The fall in crypto exchange volume and the broader crypto downturn have spurred many firms to execute layoffs in recent months.
In June, 18% of employees were laid off by crypto exchange Coinbase, and in the next month, Gemini did the same and cut its staff by 68 positions.
However, money flowing out of crypto-related funds has slowed.
A report from Bloomberg stated that the third quarter of 2022 has witnessed a...
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