Daily spot market trading volume for crypto exchanges has dropped below $10 billion for the first time since December 2020.
Crypto trading volumes fell below the $10 billion mark after a two-year hiatus amid the bear market, according to data from The Block’s Data Dashborard.
Drop in Crypto Trading Volume
According to the data obtained, the spot trade volume decreased to $ 9.2 billion on December 25, 2022, and continued its decline, seeing the level of $ 8.5 billion on December 27.
Daily spot trading volume last fell below $10 billion on December 17, 2020, when Bitcoin value crossed $20,000 for the first time. The asset has been trading below the $20,000 level for a long time.
A similar situation exists in the entire crypto market. NFT trading volumes also continue to decline since April 2022.
The crypto money industry, which entered a major crisis with the collapse of Terra, found itself in a much deeper crisis with the collapse of FTX.