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Bitcoin's spot volume <a href="https://twitter.com/Barchart/status/1684160383404371969" rel="noopener noreferrer nofollow">has plunged</a> to a shocking 30-month low, according to data provider Barchart. The seven-day average is hovering precariously close to falling below the $2 billion threshold, an astonishing fall from the heights of $18 billion at its peak in 2022 and late 2020. 
Top exchanges by spot trading volume include <a href="https://u.today/sec-accuses-binanceus-of-inflating-crypto-trading-volumes" rel="noopener noreferrer nofollow">Binance</a>, Coinbase and LATOKEN, with 24-hour volumes ranging from over $600 million on Binance to $231 million on LATOKEN, according to CoinGecko data. 
This decline comes amid a period of extremely low volatility within the Bitcoin market. The key technical indicator, Bollinger Bands, which tracks price volatility, has contracted tighter than ever before, hinting at reduced price fluctuations. 
<a href="https://u.today/self-proclaimed-satoshi-craig-wright-loses-appeal-in-mccormack-lawsuit" rel="noopener noreferrer nofollow">card</a>This observation indicates a period of tranquility for Bitcoin, a phenomenon that is currently being mirrored by Ethereum (ETH), the second largest cryptocurrency by market cap. 
Bitcoin exchange balances have also seen a sharp drop, reminiscent of levels witnessed at the beginning of 2018. This trend may suggest an increasing preference for long-term <a href="https://u.today/bitcoin-etf-race-these-are-most-important-dates-to-watch" rel="noopener noreferrer nofollow">Bitcoin</a> holding rather than frequent trading, potentially contributing to the subdued volatility. 
The flagship cryptocurrency is changing hands at $29,278 on the Bitstamp exchange after logging a marginal increase of 0.3% over the last 24 hours. This is within a narrow 24-hour trading range of $29,129 to $29,308, which indicates relatively low volatility. The total market capitalization of Bitcoin stands at approximately $569 billion. 
Bitcoin's trading activity is currently showing highly anemic characteristics despite the flurry of exchange-traded fund (ETF) <a href="https://u.today/did-sec-just-kill-bitcoin-etf-hype" rel="noopener noreferrer nofollow">filings</a> by major firms of the likes of BlackRock.

Bitcoin Spot Volume Hits Shocking Low

U_Today

Alte articole publicate pe 26 iul. 2023

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