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Bitcoin Spot Volume Hits Shocking Low

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Wed, 26/07/2023 - 16:10
Bitcoin Spot Volume Hits Shocking Low
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Bitcoin's spot volume has plunged to a shocking 30-month low, according to data provider Barchart. The seven-day average is hovering precariously close to falling below the $2 billion threshold, an astonishing fall from the heights of $18 billion at its peak in 2022 and late 2020.

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Top exchanges by spot trading volume include Binance, Coinbase and LATOKEN, with 24-hour volumes ranging from over $600 million on Binance to $231 million on LATOKEN, according to CoinGecko data.

This decline comes amid a period of extremely low volatility within the Bitcoin market. The key technical indicator, Bollinger Bands, which tracks price volatility, has contracted tighter than ever before, hinting at reduced price fluctuations.

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This observation indicates a period of tranquility for Bitcoin, a phenomenon that is currently being mirrored by Ethereum (ETH), the second largest cryptocurrency by market cap.

Bitcoin exchange balances have also seen a sharp drop, reminiscent of levels witnessed at the beginning of 2018. This trend may suggest an increasing preference for long-term Bitcoin holding rather than frequent trading, potentially contributing to the subdued volatility.

The flagship cryptocurrency is changing hands at $29,278 on the Bitstamp exchange after logging a marginal increase of 0.3% over the last 24 hours. This is within a narrow 24-hour trading range of $29,129 to $29,308, which indicates relatively low volatility. The total market capitalization of Bitcoin stands at approximately $569 billion.

Bitcoin's trading activity is currently showing highly anemic characteristics despite the flurry of exchange-traded fund (ETF) filings by major firms of the likes of BlackRock.

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