Crypto volumes slide 15% at Swiss Stock Exchange in April

abdelaziz Fathi

Switzerland’s principal exchange has experienced a sharp decline in trading activities for April 2022, according to its latest report. The broader digital-asset market remaining bearish and the recent selloffs have also contributed to the disappointing crypto figures, the report suggested.

The Swiss Stock Exchange saw bleak trading results with volumes aggregating to CHF 106.5 billion, the weakest print so far this year in terms of both trading turnover and number of transactions.

As volatility dropped to levels below the extraordinary peaks of the previous year, trading activity on SIX Swiss Exchange also stabilized in 2022.

The statistical report shows that trading turnover at the exchange’s venues, including on SIX Structured Products Exchange Ltd, had a combined nominal value of less than $109 billion, at today’s rates, in April. This figure was down 4 percent from CHF 117.4 billion ($127 billion) in February 2022. Across a yearly interval, the figure was also slightly lower from CHF 109.8 billion in April 2021.

In terms of the total number of transactions, the volumes were numbered at 4.83 million, also a loss of 37 percent month-on-month compared to 5.76 million transactions reported for March 2022. Moreover, the exchange’s volume was lower by 6 percent relative to 5.48 million in the same month of last year.

The highest turnover on a single trading day was recorded on 06 April, which saw securities worth a total volume of CHF 9.7 billion changing hands. The highest number of trades was also recorded on 27 April, with 290,643.

SIX remains a popular destination for crypto listings

The Swiss key bourse noted in the press release that its year-to-date volumes, through end of April 2022, were slightly lower by 1.4 percent versus the same period in the previous year, coming in at 24 million trades. This effect was less apparent in trading turnover which was up 2.4 percent over the same period and totaled CHF 498 billion as of last month.

The Zurich-based market operator also said that cryptocurrency products hit a trading turnover of CHF 195.2 million ($200 million), down from CHF 230.4 million in March. In total, 183 products were traded, and 12,775 transactions concluded. The highest turnover and the most transactions were recorded by AETH, an ETP on Ethereum, with CHF 32.5 million and 1,569 trades.

The infrastructure of SIX once again proved popular and reliable, providing the solid bedrock for new crypto listings. Part of this expansion, Europe’s largest digital asset investment firm, CoinShares rolled out a physically-backed exchange-traded product (ETP) for the polkadot cryptocurrency. Fidelity also launched a physical bitcoin exchange traded product designed for sophisticated investors in Europe.

Read this next

Digital Assets

DappRadar report: NFTs volume below $1 billion for the first time since June 2021

DappRadar’s July 2022 industry report found that blockchain games and their NFTs remain resilient amid a crypto winter accentuated by the debacle of Terra.

Digital Assets

Blockchain.com registers to operate crypto business in Italy

Blockchain.com had registered as a digital asset provider in Italy, following in the tracks of rivals who joined a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM).

Digital Assets

Binance rolls out crypto card in Argentina with 8% cashback

Binance is launching its crypto debit card in Argentina, the first country in Latin America to have the product thanks to a partnership with Mastercard.

Digital Assets

Greece sends BTC-e operator Alexander Vinnik to US

Alexander Vinnik, an alleged Russian hacker accused of laundering $4 billion of criminal proceeds through BTC-e, has been extradited from Greece to the United States.

Retail FX

Saxo Bank reports weakest FX volume in 6 months

As many traders were away on annual summer leave, currency markets saw a relatively quiet period in July. Within that context, Copenhagen-based Saxo Bank has reported its monthly metrics, which showed a renewed decline month-over-month.

Market News

The Week Ahead: 5 August from David Madden, Market Analyst at Equiti Group

It has been an interesting week and despite a lot of negative news, equity markets enjoyed a positive run. US House Speaker, Nancy Pelosi, defied the warnings from the Chinese government and carried out a visit to Taiwan. The Beijing authorities moved military hardware close to the self-governed island to flex its muscles. Stock markets came under a little pressure as a result and risk-off assets like the Japanese yen and gold found themselves in high demand.

Opinion

Alina Strogonova of Muvon Payments: How Can Fintech Optimise Payments

Financial services in their conventional form are obsolete, according to fintech startups. New-age finance is constantly redesigning electronic money transactions and testing innovative solutions.

Digital Assets

No need for CFDs: BitMEX introduces leveraged FX perpetual swaps

Previously retail FX trading was mostly possible via CFDs (contract for difference). BitMEX’s FX perps allow both retail users and institutional traders to access FX markets through an exchange-traded contract.

Digital Assets

BEQUANT launches index measuring dollar against crypto

“Our research team has worked hard to quantify and capture the latest economic story into the broader crypto market.”

<