Bitcoin Price Could Soon Pump Another 20 Percent as Trading Volumes Tank

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  • Drastically dropping volumes on crypto exchanges mean that it's calm before the storm for the Bitcoin price

Bitcoin Price Could Soon Pump Another 20 Percent as Trading Volumes Tank

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Bitcoin volume on BitMEX, the leading destination for trading crypto derivatives, reached $784 mln, its lowest level since March 30. 

Last time the BitMEX exchange recorded such underwhelming numbers, the BTC price surged by more than 20 percent just two days later, kick-starting the 2019 bull run. 

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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.    

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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.    

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.