Cryptocurrency exchanges are experienced a massive dip in their trading volumes during the month of January, according to an analysis by Diar, a crypto and blockchain research firm.

The report published on Feb. 4 stated that the cryptocurrency exchanges have been registering lower trading volumes since the beginning of 2019. These lows have not been recorded since 2017.

According to Diar, the January woes have pushed world’s leading crypto exchange by adjusted trading volume, Binance, into its worst period as Bitcoin (BTC)/U.S. dollar (USD) market has reduced by more than 40 percent in comparison to December 2018. Coinbase, an American cryptocurrency exchange is facing similar troubles.

OKEx, Hong Kong-based crypto exchange has reportedly lost a three-month growth trend in the trading volume, it has fallen from its perch of $5.5 billion to $4 billion.

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