Overall trading volume for spot and derivatives has fallen more than 15% since May to around $4.2 trillion across exchanges as cryptocurrency trading volumes have plummeted.
Factors contributing to the dreadful first half of 2022 for the crypto industry have taken trading volumes to the lowest since January of last year, Bloomberg reported. Data from CryptoCompare even showed that spot volumes in June tumbled nearly 28% to $1.41 trillion as Bitcoin tumbled, which indicated the lowest since December 2020.
While trading volume for derivatives in June was the lowest since July 2021 by 7%. According to Bloomberg, derivatives are hugely important in the crypto space as they make up more than half of the market.
Currently, declines in Bitcoin and Ether have turned into a norm. Both cryptocurrencies have fallen over 70% from last year’s all-time highs. Bitcoin's 15% tumble on June 18 to $17,599 - the lowest price since late 2020 - reflects investors turning cautious.
“Volume has declined...
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