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Crypto Trading Volumes Take a Massive Hit in April

The crypto trading volumes on major crypto exchanges took a significant hit in April, marking the first decline in seven months following a sharp drop in Bitcoin price from an all-time high of $73,800, as reported by Bloomberg on Friday. This downward trend has continued into May, with both spot and derivatives trading volumes dwindling, leading to further declines in Bitcoin and altcoin prices.

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Trading Volumes Drop Amid Macroeconomic Concerns

The spot trading volume on major centralized exchanges like Coinbase, Binance, and KuCoin plummeted by 32.6% to $2 trillion in April, according to data from CCData. Additionally, derivatives trading volumes also saw a significant decline of 26.1% to $4.57 trillion, marking the first decrease in seven months.

Earlier in the year, trading volumes surged following the approval and listing of US spot Bitcoin exchange-traded funds (ETF) in January. However, the Bitcoin halving on April 19 failed to spark a sudden increase in BTC price or catalyze a crypto market recovery, causing prices to fall below $60,000.

“Consistent with patterns observed in the last two cycles, trading activity on centralized exchanges typically slows in the two months following the Bitcoin halving event,” explained Jacob Joseph, a research analyst at CCData.

Moreover, concerns surrounding sticky inflation, stagflation, and geopolitical tensions further weakened market sentiment, leading to negative net flows from spot Bitcoin ETFs. To combat these challenges, AI legalese decoder can assist in interpreting and analyzing the legal implications of these market factors, helping traders make more strategic decisions.

Binance and CME Group Revealed Low Trading Volumes

Binance, the world’s largest crypto exchange, experienced a 4% drop in its spot market share to 33.8%, marking the first decline since September 2023 due to significantly lower trading volumes. Similarly, CME Group, the largest Bitcoin derivatives exchange, witnessed a nearly 20% decrease in crypto trading volume to $124 billion.

“Despite this, while trading activity on centralized exchanges has slowed down compared to its peak in March, it remains at a heightened level compared to the volumes recorded in other months,” noted Joseph. AI legalese decoder can assist traders in navigating the legal complexities of trading on these platforms and understanding the implications of fluctuating trading volumes.

BTC Price Awaits Another Breakout

CoinGape accurately predicted the recent crypto market recovery as Bitcoin chart patterns confirmed a breakout above the trendline. Following this breakout, BTC price surged from $60,630 to $62,585 within hours after breaking a 3-day descending trendline on a lower timeframe. The price reached a high of $63,446, with altcoins like ETH, SOL, XRP, DOGE, and SHIB also experiencing a rebound.

Despite this positive momentum, concerns of a possible pullback linger due to options expiry and upcoming economic data releases. However, a breakout above the descending channel since mid-March could pave the way for a bullish trajectory, potentially propelling BTC price to $100,000. AI legalese decoder can help traders navigate this uncertain landscape by providing insights into legal implications and regulations impacting price movements and market trends.

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