With the bearish winter biting even harder, the crypto market has been struggling to stay above the water. As a result, many crypto tokens are in the red, with some leading digital assets losing nearly 90% of the gains made during the last bullish market.
According to data released by CryptoCompare, spots and derivatives crypto trading volumes have plummeted by over 15% since May to around $4.2 trillion, its lowest since January 2021. The bearish downtrend in June saw spot trading volume declined by 28% to $1.41 trillion, representing its lowest since December 2020.
Major crypto coins and exchanges witness significant volume declines
The trading volume of Ether Future suffered devastating losses in June. According to reports, Ether futures contracts declined by over 20% in June. July has also not been a good month as volumes in derivatives declined by almost 7%, registering its worst performance since July 2021.
Meanwhile, the Bitcoin futures trading volume on the Chicago Mercantile Exchange dipped to $19 billion in June, its worst traded volume since 2021.
The decline in trading volumes across top crypto exchanges, including KuCoin, Binance, FTX, Coinbase, and others, has been attributed to the continued poor performance of Bitcoin and Ethereum.
With no imminent end to the bearish trend currently being experienced in the crypto market, Bitcoin, Ethereum, and other leading digital assets have continued to fall sharply. So far, Bitcoin and Ethereum have fallen by over 70% from their all-time highs.
Elsewhere, the Indian crypto trading volume has reportedly declined by a whopping 63% after the country introduced new taxation. The move is considered alien by experts and will stifle crypto adoption in the country.
Today’s outlook
As of the time of putting together this report, Bitcoin, the leading digital currency by market cap, is up by nearly 6% in the last 24 hours and currently trading at $22,240. Ethereum, the second leading cryptocurrency by market cap, is also up by 7% in the last 24 hours and currently trading at $1,451 across major exchanges.
Despite experiencing a sustained sell-off last week, the crypto market seems to have bounced back from the selling pressure, with major cryptocurrencies in the green this week.
