Crypto trading volume falls to 18-month low
The drop in the figure occurred amid a decline in rates of major digital assets
18.07.2022 - 12:35
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What’s new? Crypto trading volume in the spot and derivatives markets has fallen by more than 15% since May to around $4,2 trillion. This is the lowest figure since January 2021, Bloomberg reports, citing data from the CryptoCompare platform. Analysts attribute the decline to the collapse of the digital asset market. Thus, bitcoin and Ethereum rates have fallen by about 70% from their all-time highs (ATH). As of July 18, 12:00 UTC, BTC is trading at $22 040 and ETH at $1473.
What other data did analysts cite? In June alone, spot trading volume fell by 28% to $1,41 trillion, the lowest since December 2020. For derivatives, the figure fell by 7% for the month, the lowest since July 2021. At the Chicago Mercantile Exchange (CME), bitcoin futures trading volume also reached its lowest since July 2021, amounting to $29 billion.
Earlier, Bloomberg analyst Mike McGlone said that the bitcoin price would recover in the second half of 2022. In his view, this is indicated by the BGCI indicator, as well as the 50- and 100-week moving averages (MA) of the BTC price. McGlone noted that the current indicators show signs similar to the bottom of the bear market in 2018, which preceded a strong rebound in the first half of 2019.
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