Crypto trading volume slumps to lowest level of year in August
$Bitcoin(BTC.CC$ Cryptocurrency trading volume declined in August to the lowest level in 2023, another sign of waning investor interest since the collapse of digital asset prices from all-time highs in late 2021.
The combined monthly volume of so-called spot and derivatives trading fell 11.5 per cent to US$2.09 trillion (S$2.85 trillion) and was the second-lowest monthly total since October 2020, according to data compiled by CCData.
“The (spot) trading volumes on centralised exchanges have remained low since April this year and are now comparable to the stagnant trading activity in the bear market of 2019,” CCData said in a report published on Thursday.
The combined monthly volume of so-called spot and derivatives trading fell 11.5 per cent to US$2.09 trillion (S$2.85 trillion) and was the second-lowest monthly total since October 2020, according to data compiled by CCData.
“The (spot) trading volumes on centralised exchanges have remained low since April this year and are now comparable to the stagnant trading activity in the bear market of 2019,” CCData said in a report published on Thursday.
The tepid interest appears to be carrying into September, with crypto bellwether Bitcoin little changed through much of the first week of the month.
Bitcoin, which accounts for about half of crypto’s US$1 trillion market capitalisation, was little changed at around US$25,800 on Thursday. It almost reached US$69,000 in November 2021.
Derivatives trading volume on centralised exchanges fell 12.3 per cent to US$1.62 trillion, the second-lowest amount since December 2020, according to CCData.
Bitcoin, which accounts for about half of crypto’s US$1 trillion market capitalisation, was little changed at around US$25,800 on Thursday. It almost reached US$69,000 in November 2021.
Derivatives trading volume on centralised exchanges fell 12.3 per cent to US$1.62 trillion, the second-lowest amount since December 2020, according to CCData.
Spot trading volume on centralised exchanges fell for the second consecutive month, dropping 7.78 per cent to US$475 billion, according to CCData, marking the lowest monthly spot trading volume recorded since March 2019. Daily volumes on centralised exchanges reached US$5.9 billion on Aug 26, the lowest since Feb 7, 2019.
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