Crypto Exchange Volumes Sees Growth since May, Jumped to $733 billion in Sep

According to The Block, the trading volume for 2008 was Cryptocurrency exchanges The September total jumped to $733 Billion, an increase of 16% month-on-30 and the first significant rise since May.

The first half of 2018 saw a decline in cryptocurrency trading volumes across major exchanges, as well as a drop in spot- and derivatives trading volumes.

According to CryptoCompare data, cryptocurency spot trading volumes dropped nearly 28% to $1.41 trillion in June, the lowest level since December 2020. This was due to bitcoin prices falling.

The Block’s valid trading volume index has $629 billion in June and $633 billion July. It also shows $630 billion August.

Source: The Block

Fairlead Strategies co-founder Katie Stockton said:

“Volumes have dropped due to investor sentiment in cyclical bear market. Volumes are expected to remain below average until cryptocurrency prices end the bear cycle, which may take a while.

CryptoQuant observed that Bitcoin (BTC), despite its recent oscillations near $19,000, has flowed out from exchanges in the past three days. This was the largest outflows since months and a sign of a re-entry to the market. Santiment reported similar data and noted that traders will likely be more confident in the fourth quarter.

CryptoQuant data revealed that 61,301 bitcoins were withdrawn from exchanges over the last three days. This is the largest outflow in recent weeks. Maartunn, CryptoQuant analyst, said that this is a significant indicator that shows signs of market demand returning after months of declines.

Source: Shutterstock



Leave a Reply

Your email address will not be published. Required fields are marked *


Follow NovaUmi

Let's connect on any of these social networks!

Subscribe to our newsletter.

We respect your privacy

Read More

Related Posts