Bitcoin trading volume fell to annual low

by in Cryptocurrency News

Bitcoin

Along with the weakening of network activity, the volume of bitcoin transactions also falls.

A study by Arcane Research says the weekly value of cryptocurrency transactions fell to an annual low. This figure has been declining over the past three weeks, analysts said.

Last week, trading volume fell to its lowest level since last summer. The number of transactions dropped to $ 2.2 billion. This week, volatility remains weak the volume of transactions with Bitcoin hovers around $ 3 billion.

Volumes have slightly increased compared to last week, but they remain well below the trading figures recorded in the first half of 2021.

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Analysts concluded that the activity of bitcoin is going to remain low throughout July and August. It is known that the summer months traditionally pass against the background of weak activity of users of the BTC network.

The volatility index is also at an annual low. Now it is 1.68%, the authors of the report stressed.

Over the past seven days, the value of bitcoin has fallen by more than 9%. On Wednesday, July 21, the coin is trading just above $ 30,000. In monthly terms, the loss of cryptocurrency was more than 13%, researchers from Arcane Research note.