Cryptocurrency exchanges experienced a massive decline in trading volumes last month, with the prices of most cryptos still down by over 50%.

The trading volume recorded by crypto exchanges declined by 56% in June. The volume index showed that cryptocurrency exchanges processed $958.3 billion in transaction volume last month.

The figure is down from $2.18 trillion recorded in May, representing a 56% decline in trading volume within a month. The decline last month was also the first time the trading volume dropped below $1 trillion since January 2021.

The massive decline comes as Bitcoin and other cryptocurrencies continue to experience a bearish cycle. The leading cryptocurrency is down by over 40% from its all-time high, trading below $40k for the best part last month. At the time of this report, Bitcoin is still trading below the $35k region.

Ether, the second-largest crypto by market cap, also struggled last month. The cryptocurrency traded below $2,000 for virtually all of June, 50% from its all-time high above $4,500.

Binance leads the way in terms of trading volume. The crypto exchange accounted for 69.7% of the recorded volume. Binance’s dominance came despite facing regulatory challenges in the UK and other countries.

Coinbase, the publicly-listed crypto exchange, came second, accounting for 8% of the total transaction volume. FTX and Kraken occupied the third and fourth positions, accounting for 4.2% and 4.1% of the data, respectively.

The cryptocurrency market endured tough times last month. The People’s Bank of China urged banks and payment companies to ban cryptocurrency transactions while some provinces in the country have banned crypto mining activities.

The activities in China and other parts of the world affected the crypto market. However, Bitcoin maintained its position above $30k last month.

This post was originally published on Coinlist.