Yuga Labs Social Lead Resigns Over Past Controversial Posts
The Bored Ape Yacht Club's former Social Lead, Shpend Salihu, has resigned after the resurfacing of racist and antisemitic posts from his past.
AaronLog in/ Sign up
Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days
Follow
Data shows the Bitcoin spot trading volume has dropped down almost 60% since the recent high, suggesting activity has severely fallen.
Bitcoin Weekly Trading Volume Rises Sharp, And Then Falls Hard
As per the latest weekly report from Arcane Research, the BTC spot volume recently observed a drop of around 58.7% in just nine days.
The “trading volume” is an indicator that measures the total amount of Bitcoin being transacted on the network right now.
When the value of this metric goes up, it means the number of coins changing hands on the chain is currently going up.
Such a trend may show that traders are finding the crypto attractive right now as the network is becoming more active.
Related Reading | Bitcoin ASIC Miners Plummet To Lowest Price Since Jan 2021
On the other hand, declining volumes suggest the blockchain is becoming more dormant. This kind of trend can be a sign that investors are losing interest in the coin.
Now, here is a chart that shows the trend in the Bitcoin weekly spot trading volume over the past year:
The value of the metric seems to have observed some sharp downtrend in recent days | Source: Arcane Research's The Weekly Update - Week 25, 2022
As you can see in the above graph, the Bitcoin trading volume sharply rose up and got close to the highest value for the past year just a couple of weeks back.
However, after peaking out at around $9.2 billion on 19th June, the indicator’s value started facing some sharp downtrend.
Related Reading | Here Are Bitcoin And Ethereum’s Flaws, According To This Pentagon Investigation
By this Monday, the spot trading volume had already crashed down to a value of just $3.8 billion, a 58.7% plummet within just nine days.
The reason behind the latest surge was the plunging value of Bitcoin. A large number of traders usually make their moves during such large swings in the price.
The report notes that the uncertain conditions of the current BTC market may have resulted in investors becoming more cautious.
This has lead to them making fewer trades on the chain, which is why the trading volume has sharply plunged down.
BTC Price
At the time of writing, Bitcoin’s price floats around $19.1k, down 7% in the last seven days. Over the past month, the crypto has lost 34% in value.
The below chart shows the trend in the price of the coin over the last five days.
Looks like the value of the crypto has been going down over the last few days | Source: BTCUSD on TradingView
Bitcoin seemed to be holding strong above the $20k mark during the last week, but over the past 24 hours the coin has once again slipped down below the level.
Featured image from Daniel Dan on Unsplash.com, charts from TradingView.com, Arcane Research
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
Add Comment
LoginLeave your comments
0 Comments
Earliest
Load more comments
Live Updates
- DEXX Attackers Test Token Exchange on EVM ChainsBullishBearish
- DEXX Attackers Test Token Exchange on EVM ChainsBullishBearish
- BTC fell below 95,000 USDT, down 0.82% in 24 hoursBullishBearish
- [이달의 주목 DeFin] FIL, AR, GRASS, IO, NMTBullishBearish
Trending News
- Aaron
The Simpsons Parody NFTs in Latest Episode
In the much-anticipated "Treehouse of Horror XXXIV" episode of "The Simpsons," the beloved animated series delves into the realm of blockchain and non-fungible tokens (NFTs). This marks a return to their comedic exploration of the crypto space, delivering an engaging parody with nods to well-known NFTs and artists.
JixuBlur's Token Surges Further as OpenSea Slashes Staff
Blur's token had already been on a price surge, climbing from $0.15 to $0.27 over about three weeks, marking an 80% gain. However, things took an interesting turn when rival marketplace OpenSea announced a 50% reduction in its workforce. The news gave Blur's token an additional boost, increasing by 30%.
AaronShiba Inu Dev Addresses "The Shib Magazine" Technical Problem
Shiba Inu developer, Kaal Dhairya, has reported a technical issue plaguing the self-custodial authentication system integrated into The Shib Magazine.
CatherineYuga Labs Employee Resigns Amid Racial and Antisemitic Controversies
Yuga Labs employee has resigned amid controversy surrounding past racially insensitive and antisemitic tweets, sending ripples through the NFT community. The incident has raised concerns about background screenings in the industry and brought past allegations against Yuga Labs back into the spotlight.
JasperBen Armstrong AKA "Bitboy" Asserts Victimhood in Latest Court Filing
The ongoing legal skirmish involving Bitboy has intensified; he is determined to recover assets that were seized, including a Lamborghini that mysteriously disappeared.
KikyoIndian Spy Leaks Naval Secrets to Pakistan for Cryptocurrency, Faces Severe Charges
An Indian spy is currently facing serious allegations for leaking classified information about Indian Navy submarines and warships to Pakistani intelligence operatives for cryptocurrency, an act that could potentially lead to the death penalty.
JasperUS Consumer Watchdog Seeks to Regulate Digital Wallets like PayPal
The US Consumer Financial Protection Bureau aims to supervise non-bank digital wallets, emphasising enhanced consumer protections in the digital finance realm.
Hui XinThis Source Leaked That Circle USDC Might Go For An IPO
The company is said to be in discussions with advisors, preparing for a potential initial public offering
BrianJustice Department Seeks Expanded Power to Seize Cryptocurrency
The Justice Department has asserted its need for the authority to seize cryptocurrency from Americans, even without judicial approval.
Jasper