We checked the actual data: in the last 24 hours, the leader in trading volume among cryptocurrency exchanges was Binance, which collected almost $15 billion in volume.

Top cryptocurrency exchanges by trading volume

It should be noted that Binance’s results, taking into account market conditions the day before, attracted the attention of analysts. In particular, they noted a week ago that the cryptocurrency platform accounted for more than half of the industry’s total trading volumes in spot markets overnight.

Share of cryptocurrency exchanges in terms of spot trading volumes

The same goes for derivatives. Here is the corresponding ranking.

Share of cryptocurrency exchanges in terms of trading volumes on derivatives

Accordingly, the platform is now showing the best results for this indicator among competitors. But this does not apply to all trading platforms.

Improper cryptocurrency advertising

You can’t blame Damon – he fulfilled his contractual obligations. Perhaps the screenwriters picked the wrong script that failed to touch the audience and get them interested in digital assets. Above all, the market’s bearish cycle has played its part: over the past year its capitalisation has fallen by two thirds against the backdrop of the global macroeconomic crisis.

Trading volumes on Crypto.com for the year

At the same time, interest in Bitcoin on Google globally is at its lowest point in more than a year.

Bitcoin’s popularity on Google worldwide

The ad compared crypto investors to astronauts, mountain climbers and the Wright Brothers. Shortly after its release, Crypto.com spent $700 million to acquire the naming rights to an arena in Los Angeles, formerly known as Staples Center. At the time, the marketing effort seemed to have given the exchange a boost. What’s more, Damon’s ads had been circulating in cryptocurrency circles for months, and started reaching people outside the industry in January this year.

According to Decrypt’s sources, the reaction to what was happening was not good. The ad was even mocked in an episode of the animated South Park series, with Damon’s character then also advertising urine.

It wasn’t just the trading volume on the platform that declined for the year. As noted by sources, the price of the exchange’s native token called Cronos (CRO) has almost halved since the ad was published. Since reaching its all-time high, it has fallen in value by 88.2 percent, which is fairly typical in today’s environment.

Cronos token (CRO) exchange rate over the year

Crypto.com has also had several rounds of layoffs among employees over the past couple of months and was forced to cancel a $495 million sponsorship deal with the European Champions League. It was far from a good year, so the ad starring Damon was just the visible “cherry on the cake” of the worst blow to business in Crypto.com’s history.

The exchange’s problems aren’t unique – its competitors also boast similar anti-records. For example, the Huobi platform lost 90 percent of its trading volume, the same figure for FTX dropped by 77 percent, and in the case of Coinbase the result fell by 75 percent. Binance had the easiest of all, as trading activity at the largest cryptocurrency exchange fell by only 57 percent over the past year.

On top of that, advertising failures by cryptocurrency platforms have also happened before. The Coinbase exchange’s viral ad that aired during the Super Bowl was particularly striking. It involved a QR code that moved around the screen in the style of a DVD splash screen.

However, as it turned out later, the campaign did not have the desired effect. We have written about it in more detail in a separate article.


We don't think this ad campaign is to blame for the situation, as trading volumes are a consequence of users' interest in crypto being depressed amid the market crash. And because the coins are now 70-90 per cent off their highs, it is discouraging those willing to speculate. However, the huge expenditure on advertising after a year does seem unwarranted. When the bull run comes, though, the same situation will clearly repeat itself again.


The situation will surely rectify itself with the arrival of a new bullrana. You just have to wait for it together with our cryptochat subscribers, where we discuss various interesting stories.