Bitcoin

April

Spot

The first drop in trading volume in seven months was recorded at the end of April by analysts at CCData, a crypto market data aggregator. Spot and derivatives market volume dropped sharply to $6.58 trillion, down 43.8% from $9.12 trillion in March. 
Do you know anything else? Futures and options market activity fell 47.6 percent to $4.57 trillion, indicating that investors are losing interest in derivatives. Simultaneously, spot market trade volume dropped “relatively modestly” by 32.6% or $2.01 trillion. 
Experts say the unexpected macroeconomic data, the worsening of the Middle Eastern geopolitical crisis, and the withdrawal of capital from US-based spot Bitcoin ETFs are to blame for the drop. 
According to a previous report by CryptoQuant, the Korean exchange Upbit made it into the top five biggest cryptocurrency exchanges in the world based on trading volume, and according to calculations made by the experts at Kaiko, the Bybit exchange’s share of the Bitcoin market has increased by 7.3% since the start of the year.

Within a month, the volume of cryptocurrency trades dropped by 44%.

Blocksays

Other articles published on May 9, 2024

Binance Rejects Secret Crypto Settlement as Nigerian Authorities Detain Compliance Chief

Canada Imposes Significant Fine on Binance for Regulatory Non-Compliance

EU seeks stakeholder opinions on adding crypto to 12T euro investment market

Floki Named Title Sponsor of International Sports Tournament

Chainlink Leads in Real-World Asset Development Activity

Analysts Say Investing in Cardano (ADA) and XRP Isn’t Worth It; Recommend BlastUP (BLP) for Bette...

Join our free newsletter for daily crypto updates!