Global Cryptocurrency Trade Volumes Saw a Significant Decline in December 2022 – Market Updates Bitcoin News
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
According to statistics, daily cryptocurrency trading volumes have decreased significantly during December 2022. Data for January 1 shows that $22.95 billion was traded in the last 24 hours, compared to double the amount of $54.78 billion two weeks earlier. On November 8, 2022, 54 days before the FTX crash, global cryptocurrency trading volumes were around $115.33 billion.
Crypto trade volumes at the end of 2022 are 46% lower than a month earlier
Cryptocurrency trading volumes worldwide have decreased significantly since the beginning of the year. For example, on January 2, 2022, a year ago, the volume of global trade in a 24-hour period was about $70.48 billion, according to archived coingecko.com statistics. Today’s 24-hour global volume is down 67.43% at $22.95 billion. In addition, 71.63% of all trades on January 1, 2023 were connected to the stablecoins of the cryptocurrency economy.
While all stablecoins today represent a trading volume of $16.44 billion, tether (USDT) is worth $12.45 billion, or 71.63% of the total as of January 1, 2023. Two weeks ago, on December 15, the global trading volume was 54.78 billion dollars. and a good majority of these trades were also stablecoins. Cryptocurrency trading volumes have been declining since January 2022, with monthly peaks in May, September, and November 2022.
The spike in November occurred amid the chaos surrounding FTX’s default, and daily trading was significantly higher at the time. Crypto exchange volumes on The Block (legal index) show that in October 2022 the volume was $543.67 billion, while in November 2022 the growth was about 23.79% to $673.01 billion. Now that December 2022 is over, the statistics show that the total volumes for December 2022 were around $357.48 billion, or 46.88% less than the previous month.
The last time global cryptocurrency trading volumes were this low was two years ago in December 2020. At that time, global cryptocurrency trading volumes were 7.27% higher at $385.51 billion. Lower cryptocurrency trading volumes can have both positive and negative effects on investors.
On the other hand, low trading volume is often seen as a sign of a lack of interest in the crypto market, which may indicate lower values. On the other hand, low trading volume can sometimes be interpreted as a bullish sign for the cryptocurrency economy, as it can indicate limited selling pressure.
What do you think about the decline in crypto trading volumes in the last month of 2022? Let us know what you think about this topic in the comment section below.
The authors of the picture: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for information only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
Source link
