Cryptocurrency trading volumes drop in the first quarter of 2022
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Answer Cryptocurrency trading volumes drop in the first quarter of 2022
The cryptocurrency market witnessed many challenges in the first quarter of 2022.
From geopolitical issues to regulatory uncertainty, major global events have had a significant impact on the price of Bitcoin and other digital assets.
Recently, cryptocurrency exchange EXMO published its Q1 2022 Crypto Market Report and highlighted the sharp drop in trading volumes across the cryptocurrency market.
During the reporting period, trading volumes decreased by approximately 26% compared to the previous quarter.
In terms of cryptocurrency market cap, the number has fallen by more than 4% in the last quarter.
Leading cryptocurrencies such as Bitcoin and Ethereum have undergone major corrections over the past three months.Read:Lightning Network Expands Bitcoin Capacity With Potential to Boost Its Growth More Than Twitter
Despite the noticeable drop in January, the market managed to recover almost completely over the next two months and cross the $2 trillion mark again, only to fall back below it again at the time of publishing this article.
Quoting from the report:
The average value of the fear and greed index was 25 points, which means that the index indicates extreme fear.
During the said quarter, there were only short periods of increase in market sentiment, with the index moving into neutral territory.
Money Flow for Crypto Market:
Despite the challenges, net inflows of investment products in crypto products and services remained positive during the first quarter of 2022.
According to EXMO, net inflows for the reporting period were $490 million, led by bitcoin investment products with an inflow of $342 million.
Ethereum received a huge success in the last quarter as Ethereum related investment products saw inflows of $113 million.Read:“Vitalik Buterin” provides an overview of the most important trends and development of crypto in the year 2020
While Solana witnessed significant growth in the first quarter, with inflows exceeding $100 million.
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MicroStrategy will buy more bitcoin, according to the company’s CEO
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