Bitcoin volume on BitMEX, the leading destination for trading crypto derivatives, reached $784 mln, its lowest level since March 30.
Ugly.. Look at that volume on Bitmex. 784 Million.— Cantering Clark (@CanteringClark) November 17, 2019
The last time 24 hour volume was this low was March 30th.
Go ahead, look at that date on the chart.
Realized and ATM Implied Volatility all at lows as well. $BTC pic.twitter.com/fvKJ64mCZ3
BitMEX is not alone. Coinbase has recently seen its lowest trading volume in a couple of months. Meanwhile, the trade volume on peer-to-peer trading platform LocalBitcoins dropped by 30 percent this month alone to their lowest level since September 2018.
Whether tanking trading volumes signal a market U-turn or waning interest in crypto, it is not unreasonable to expect some a sudden shake-up. Bitcoin's low volatility usually means that another major price move is already on the horizon. When price becomes a separate narrative, traders always flock to exchanges to join the fray.
As reported by U.Today, the top cryptocurrency tends to experience more volatility by the Christmas holidays, and 2019 might not be an exception.
At press time, the leading cryptocurrency is changing hands at $8,528.07, rising by 0.73 percent following yesterday's crash.