Trading firm Cumberland has noted that massive trading volumes set this Bitcoin bear market cycle apart from previous ones, Bloomberg reports.
The firm noted that spot and derivatives and spot volumes typically reach a whopping $50 billion every day, which signals that the market remains extremely healthy despite the fact that the price of the largest cryptocurrency is down significantly from its 2021 peak.
Cumberland concluded that this time is really different since Bitcoin continues to see strong trading activity.
As reported by U.Today, the largest cryptocurrency remains on the ropes, currently trading below the $20,000 level. Bitcoin failed to recover despite the U.S. stock market’s two-day bullish streak.
As Bitcoin remains range-bound, its volatility has dropped to the lowest level of 2022.
Vladislav Sopov
Dan Burgin