Bitcoin

April

The global digital asset industry saw a month full of fluctuations as <a href="https://news.todayq.com/bitcoin-faces-5th-day-of-losses-as-market-sentiment-turns-neutral/" rel="noopener noreferrer nofollow">Bitcoin (BTC) struggled</a> to hold its ground. This is reflected in trading volume on major cryptocurrency exchanges. The decline recorded in April marked the first drop seen in seven months. Crypto trading vol sanks 
As per the data given by CCData, spot trading volume on centralized exchanges like Coinbase, Binance, and Kraken dropped by 32.6% to stand at around $2 trillion last month. The derivatives trading volume fell by 26.1% to stand around $4.57 trillion. This also marks its first decline in seven months.
It is being highlighted that the drop in trading activity follows a period of increased excitement seen in the year. This was fueled by the approval of US exchange-traded funds (ETFs) linked to Bitcoin. However, market conditions changed with concerns over tightening regulations in the country. It is coupled with the Federal Reserve’s efforts over inflationary pressures.&nbsp;
It added that the anticipation building around the Bitcoin halving event also added to market uncertainty. Experts noted that trading volume slowed down on crypto exchanges in the months around this event.
It is important to note that geopolitical tensions and higher CPI inflation data added more uncertainty to the market. This can be seen in the negative net flows from spot Bitcoin ETFs. BTC decline 
This has led to Bitcoin price dropping by 10% in the last 30 days. However, Its price surged by 34% in the last 90 days. BTC is trading at an average price of $60,915, at the press time. Its 24 hour training volume is up by 10% to stand at $26 billion. Its market cap stood around $1.19 trillion.
As trading volumes decreased, the market share of the world’s largest crypto exchange, Binance, declined for the first time since September 2023, dropping by almost 4% to 33.8%. Similarly, the CME Group saw its first crypto trading volume decline in seven months, with derivatives trading volume falling by nearly 20% to $124 billion in April.
Despite the decline in trading activity compared to the peak in March, expert stated that activity on centralized exchanges remains elevated compared to previous months. Bitcoin’s price fluctuated around $63,000 during the European morning on Friday, showing signs of upward momentum after rebounding from recent lows.

Crypto crash alert! April sees first Trading vol drop in seven months

Todayq News

Další články publikované 10. 5. 2024

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