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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Trading Volume Plunges To Lowest Level Since 2020

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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The Bitcoin Trading Volume has plunged down to the lowest level since 2020, as per an Arcane Research report.

BTC Trading Volume Plunges To Lowest Since December 2020

According to an Arcane Research report, the Bitcoin trading volume has seen a new daily low this weekend. The indicator had already plunged a week ago, but activity on exchanges has fallen even further now.

Below is a chart showing how the BTC daily trading volume has changed since June of last year:

Bitcoin Trading Volume

The Bitcoin trading volume seems to be falling even further | Source: Arcane Research

As is clear from the chart, the 7-day average BTC daily trading volume has dipped to a new low for the year at about $2.2 billion.

A notable feature of the graph is that the value of the indicator right now is the same as what it was on 14 December 2020. The 2021 bull run started soon after this date where Bitcoin broke its all time high (ATH) from back in 2017.

The BTC market volatility is also down to the lowest it has been in the year 2021 so far, likely caused by the stagnation in the price of the cryptocurrency.

Incidentally, the summer of 2020 also saw low activity on top Bitcoin spot exchanges and low market volatility. This summer might turn out to be similar.

Related Reading | Bitcoin Whale Ratio Soars, Could A Crash Be Coming?

Bitcoin Price

As of the time of publishing, the price of BTC floats around $32.8k, down around 3% in the last 7 days. If examining over the past month instead, the crypto’s value seems to be down more than 12%.

Here is a chart showing the trend in Bitcoin’s price over the last 6 months:

Bitcoin Price

BTC seems to be going down once again | Source: BTCUSD on TradingView

Over the past few weeks, the Bitcoin market has been stuck in a range bound environment, and the price of the crypto has barely moved because of that. It fell off once below the $30k support line, but was quickly pumped back up to the $35k resistance level.

As things stand, the return on investment for the year 2021 has been nearly wiped out because of the 50% crash suffered by BTC in May.

Related Reading | TA: Bitcoin Tops and Fails Again, What Could Trigger Larger Decline

It’s unclear when Bitcoin will be able to escape this $30k-$35k stagnation zone, and which direction it will go in. The $35k resistance level is proving to be tough to break.

According to some experts, if the $30k support level turns into resistance, there could be a short-term bear market ahead with price falling to as low as $17k. Long-term, however, there could still very well be a bullish trend.

Featured image from Pexels, charts from Arcane Research, TradingView
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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