- While the stagnation period continues to keep most crypto assets under pressure, Bitcoin (BTC) has dropped below $29,000 and recorded its lowest trading volume in history.
- In the last 30 days, the total trading volume of the cryptocurrency was calculated to be 386,423.1 BTC or approximately $11 billion based on the current Bitcoin price.
- Bitcoin’s current price has fallen by 2.2% in the last 24 hours, lost 3.34% in the previous seven days, and experienced a 5.35% decrease on the monthly chart according to the latest data obtained by COINOTAG on August 17.
What does the decline in trading activities in Bitcoin reflect, reaching the lowest levels in the past 5 years?
Decreasing Trading in Bitcoin
While the stagnation period continues to keep most crypto assets under pressure, it is not exceptional for Bitcoin (BTC) to be below $29,000, and the leading decentralized finance (DeFi) asset also records its lowest trading volume in history.
Indeed, the monthly trading volume of Bitcoin on leading crypto exchanges reached its lowest level in a five-year chart, according to the latest data obtained by Bitcoin analytics platform on August 17.
In the last 30 days, the total trading volume of the cryptocurrency was calculated to be 386,423.1 BTC or approximately $11 billion based on the current Bitcoin price, and it was hovering around $28,550 at the time of writing, with a 24-hour trading volume reaching $16,583,613,023 according to the latest charts.
According to an analysis, such a low trading volume for the largest crypto asset in terms of market capitalization brings several consequences, including decreasing investor interest, new volatility risks, and the possibility of stagnation.
Additionally, the analyst explained that decreasing trading activity could make it difficult to buy and sell Bitcoin at market prices, while also increasing the likelihood of price manipulation and shaken market confidence.
Current Status of Bitcoin Price
Meanwhile, Bitcoin’s current price has fallen by 2.2% in the last 24 hours, lost 3.34% in the previous seven days, and experienced a 5.35% decrease on the monthly chart according to the latest data obtained by COINOTAG on August 17.
With all these combined, the low trading volume can indeed lead to the initiation or continuation of the above indicators and at least in the short term, it can lead to further declines and a bear market for Bitcoin, with many analysts predicting new all-time highs (ATH).
