Cryptocurrency Trading Volumes Fell to an 18-Month Low Amid a Bear Market
Cryptocurrency trading volumes have dropped by more than 15% since May to about 4.2 trillion US dollars, which is the lowest since January 2021, Bloomberg reports, citing CryptoCompare data.
The report says that in June alone, spot trading volumes fell by 28% to $1.41 trillion, which is the lowest since December 2020.
The volume of ether futures contracts trading fell by more than 20% in June, while derivatives trading volumes fell by 7% to the lowest level since July 2021. The report says that the trading volume of bitcoin futures contracts on the Chicago Mercantile Exchange reached $29 billion in June, which is the lowest trading volume since July 2021.
The drop in trading volumes on major exchanges, including Binance, OKX, FTX and others, comes amid a sharp decline in bitcoin and Ethereum prices. Both have fallen by about 70% from their historical high.
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