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According to statistics from analytics platform CryptoQuant, the amount of Bitcoin (BTC) traded in August fell to its lowest level since November 10, 2018, CNBC writes. Its data shows that on August 12, the trading volume of the digital currency and its derivatives on all exchanges dropped to 112,317 BTC, the lowest level in almost five years. By August 26, it grew to 129,307 BTC.
The trading volume has already dropped by about 94% from its March peak of 3.5 million BTC. As ordinary investors flee bear markets, trading volumes are decreasing. The majority of exchanges have been experiencing this during 2022. However, trade volume may increase if the bull market continues, according to Julio Moreno, head of research at CryptoQuant.
CNBC notes that investors and traders have cooled toward cryptocurrencies amid tighter market regulation in the U.S. and the end of the banking crisis in May. "Overall, the market remained sluggish in anticipation of a new catalyst, and overall market liquidity was scarce... Participants remain uninterested in trading as the market awaits a new stimulus," said Bernstein analyst Gautam Chhugani. Such, in his opinion, could be the halving of Bitcoin, which is expected to happen in the spring of 2024.
source: cnbc.com
The trading volume has already dropped by about 94% from its March peak of 3.5 million BTC. As ordinary investors flee bear markets, trading volumes are decreasing. The majority of exchanges have been experiencing this during 2022. However, trade volume may increase if the bull market continues, according to Julio Moreno, head of research at CryptoQuant.
CNBC notes that investors and traders have cooled toward cryptocurrencies amid tighter market regulation in the U.S. and the end of the banking crisis in May. "Overall, the market remained sluggish in anticipation of a new catalyst, and overall market liquidity was scarce... Participants remain uninterested in trading as the market awaits a new stimulus," said Bernstein analyst Gautam Chhugani. Such, in his opinion, could be the halving of Bitcoin, which is expected to happen in the spring of 2024.
source: cnbc.com