According to statistics, daily cryptocurrency trading volume is Significantly reduced during December 2022. Data from January 1 shows that $22.95 billion has been traded in the last 24 hours. That’s $54.78 billion, double what it was two weeks ago. Fifty-four days ago, on November 8, 2022, as FTX collapsed, global cryptocurrency trading volume was approximately $115.33 billion.
End-2022 cryptocurrency trading volume down 46% month-on-month
Global cryptocurrency trading volume has fallen significantly since the beginning of the year. For example, one year ago on January 2, 2022, the global trading volume in a 24-hour period was approximately $70.48 billion(according to archived coingecko.com stats). Today’s 24-hour global trading volume is 67.43% lower at$22.95 billion. Additionally, 71.63% of all transactions on January 1, 2023 were paired with stablecoins in the crypto economy.
All stablecoins traded at $16.44 billion today while Tether (USDT) traded at $12.45 billion on January 1st. This represents 71.63% of the total amount. , 2023. Cryptocurrency trading volume has been declining since January 2022, with monthly spikes in May, September and November 2022.
The November surge came amid the turmoil surrounding FTX’s bankruptcy, and daily trading volumes were significantly higher at the time. According to data from the cryptocurrency trading volume (regular index), trading volume was $543.67 billion in October 2022, but will increase by approximately 23.79% to $673.01 billion in November 2022. became. Now that December 2022 is over, statistics show that total transaction volume in December 2022 was about $357.48 billion, down 46.88% from the previous month.
The last time global cryptocurrency trading volumes were this low was two years ago in December 2020. Declining cryptocurrency trading volumes can have both positive and negative effects for investors.
On the other hand, low trading volume is often seen as a sign of lack of interest in the cryptocurrency market, which may indicate low value. On the other hand, low trading volumes can be interpreted as a bullish sign for the crypto economy as it may suggest limited selling pressure.
Image Credits: Shutterstock, Pixabay, Wiki Commons