The Block: Daily Cryptocurrency Trading Volume Drops to $10 Billion

According to The Block, the daily trading volume of cryptocurrencies has fallen below $10 billion in recent days.. It hasn't been this low since December 2020. The publication reports that the trading volume of cryptocurrencies in the spot market fell below $10 billion per day on December 24.. However, the rate continues to decline.. If on December 24 assets worth $9.91 billion were traded on the spot market, then on December 27 the figure was already $8.53 billion.. On December 16, the bitcoin exchange rate exceeded $20,000 for the first time, so the market was calm on December 17. Since then, trading volumes have grown, and in 2022, on average, trading volume in the spot market ranged from $15 billion to $30 billion.. Analysts also attribute the decline in trading volume to the Catholic Christmas – many traders take a break from trading. Also, The Block analysts noted a gradual decrease in trading volume with NFTs.. Collectible tokens have been losing popularity since April this year. If in April the volume of NFT trading was over $4 billion, then at the moment the figure does not even reach $500 million. 74%.