Data shows the Bitcoin trading volume has plunged to a 3-month low as renewed market volatility due to the FTX fiasco fades away. Bitcoin 7-Day Average Trading Volume Has Plummeted This Week As per the latest weekly report from Arcane Research , the activity in the BTC market has slowed down recently. Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
5 BTC + 300 Free Spins for new players & 15 BTC + 35. 000 Free Spins every month, only at mBitcasino. Play Now! The “ daily trading volume ” is an indicator that measures the total amount of Bitcoin being traded on the Bitwise 10 exchanges every day.
While the Bitwise 10 exchanges don’t make up the entire market, they still provide a decent approximation for activity across the spot exchanges. When the value of the trading volume is high, it means investors are moving around large amounts on spot markets currently. Such a trend shows traders are active right now.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Related Reading: A Crypto Wallet For JPMorgan? Yes, America’s Biggest Bank Doesn’t Really Hate Crypto On the other hand, low values of the metric suggest there isn’t much activity going on in exchanges at the moment. This could be a sign that interest around the crypto is low currently. Now, here is a chart that shows the trend in the 7-day average Bitcoin daily trading volume over the past year: The weekly average value of the metric seems to have gone down in recent days | Source: Arcane Research’s Ahead of the Curve – November 22 As you can see in the above graph, the 7-day average Bitcoin trading volume had been at yearly highs just a little while ago.
This high activity on spot markets was caused by the collapse of crypto exchange FTX, which caused rush among investors to make some moves. Related Reading: Not Your Keys: Monthly Bitcoin Exchange Outflows Reach New ATH The BTC volatility had also shot up in the same period as the price of the crypto observed a deep crash. In the last week, however, both the previously high activity and the volatility have dwindled down as the market has stabilized a bit.
Amid this calm market, the weekly average Bitcoin trading volumes have now plunged to lows not seen since around three months ago. BTC Price At the time of writing, Bitcoin’s price floats around $16. 5k, down 1% in the last week.
Over the past month, the crypto has lost 14% in value. Below is a chart that shows the trend in the price of the coin over the last five days. Looks like the the value of the crypto has surged up during the past day | Source: BTCUSD on TradingView Bitcoin had plunged below $16k just a couple of days back, but over the last day or so the crypto’s price has already made a recovery above the $16.
5k mark. Featured image from Dmitry Demidko on Unsplash. com, charts from TradingView.
com, Arcane Research Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Hououin Kyouma Loves to write, enthusiastic about cryptocurrency.
Currently studying Physics at university. Related Posts New York Law Cracks Down On Bitcoin Mining In A Shady Move 6 hours ago El Salvador Sets Basis For Bitcoin Volcano Bonds With New Draft Law 8 hours ago Not Your Keys: Monthly Bitcoin Exchange Outflows Reach New ATH 1 day ago Here’s What A Reg M Entails For Genesis, DCG And Bitcoin – ‘Drop Dead’ Date on Wednesday? 1 day ago Investors Panic As Largest Bitcoin Fund Hits All-Time Low Premiums 2 days ago Binance Surpasses Coinbase To Become Largest Bitcoin Reserve Holder 2 days ago.
From: bitcoinist
URL: https://bitcoinist.com/bitcoin-trading-volume-down-3-low-ftx-volatility/
