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Cryptocurrency trading volume in June fell to its lowest level since 2020

Cryptocurrency trading volume in June fell to its lowest level since 2020

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Answer Cryptocurrency trading volume in June fell to its lowest level since 2020

Cryptocurrency and derivatives trading volumes across trading platforms have fallen more than 15% since May to about $4.2 trillion amid an extended market correction, according to data compiled by CryptoCompare.

Which shows that the market failed to recover from the historic damage that occurred in the second quarter of this year.

Continuing low trading volume:

Cryptocurrency trading volumes, which rely heavily on broader market sentiment, fell more than 28% in June to $1.41 trillion, hitting their lowest levels since December 2020, it said. Bloomberg.

The situation did not improve much in July, as the current volume is still more than 15% lower than in May.

Read:Learn about the most important upcoming positive events for the cryptocurrency and bitcoin market

Katie Stockton, co-founder of Fairlead Strategies, said:

The flat and low volume will most likely continue until a market reversal occurs.

Volume has decreased due to reduced excitement from investors in a cyclical bear market until cryptocurrency prices exit a bear market cycle, which could take months, and we can expect volume to be below average.

In June, CME Group bitcoin futures reached just $29 billion, the lowest since July 2021.

Notably, bitcoin closed the worst quarter in the past decade, as bitcoin was below $20,000 on July 1.

In such a bearish situation, JP Morgan strategists on Thursday predicted that Bitcoin will continue to decline as the average cost of production fell from $24,000 at the beginning of June to $13,000 at its current level.

Coin Pieces Dominance Decline:

The violent drop in trading volume – as translated into lower interest in cryptocurrency among investors – has been reflected in the decline in the dominance of leading trading platforms such as Coinbase.

The American giant has seen a sharp drop in trading volumes amid the ongoing crypto winter, which has led to its fallout from the list of the top 10 cryptocurrency exchanges ranked by trading volume.

Read:Cuba turns to cryptocurrency amid fears of new economic crisis

A Bloomberg report noted that its market share averaged just 2.9% among the top 30 companies in June, down from an average of 3.6% in the second quarter and 5.3% in the first quarter.

Read:This is how someone lost the title of “Dogecoin” millionaire because it was not sold! The full story is here

As a result, Coinbase decided to cut expenses as revenue fell by 27% in the first quarter of last year.

Later, Coinbase announced an 18% cut in its staff, citing the palpable effects of the impending recession and sharp interest rate hikes by the Federal Reserve.

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Amid growing concern about whether the profit path is on schedule, Coinbase has decided to cut expenses as revenue fell 27% in the first quarter of last year. Later, it announced an 18% cut in its staff, citing the perceived effects of an impending recession and sharp interest rate hikes by the Federal Reserve.


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