Crypto Exchange Volume Down 47.6% over Last Two Years: Report
Crypto exchange trading volumes finished off 2022 at the lowest level in two years, according to The Block’s Data Dashboard. The 7-day moving average of crypto exchange volume reached $352.6 million, down 47.6 from November of this year. Cryptocurrency trading volumes have not been this low since December 2020, when bitcoin traded around $20,000. Cryptocurrency prices have fallen sharply in 2022, with bitcoin trading around $16,000 in December, down from $47,000 in January.
The collapse of cryptocurrency exchange FTX led to an almost 50% increase in cryptocurrency trading volume. FTX’s token, FTT, plunged 96% after filing for bankruptcy and is currently trading at $0.84, according to cryptocurrency price tracker CoinMarketCap. Admittedly, trading volume tends to drop around the holidays — especially for the NFT, which had lower trading volume around Christmas for the second year in a row, The Block previously reported.
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