Summary
- Bitfinex said recent crypto exchange spot trading volume decreased by 66% compared to January, indicating the market has entered a slump.
- According to CoinMarketCap, the '30-day spot trading volume' plunged from $500 billion to $250 billion.
- It stated that Bitcoin's price structure resembles that just before a bull market, and that major macroeconomic events could increase volatility.
Virtual asset (cryptocurrency) exchange Bitfinex said the virtual asset (cryptocurrency) market has entered a slump.
On the 13th (Korean time), according to crypto news outlet Cointelegraph, Bitfinex said via X (formerly Twitter), "recent spot trading volume on crypto exchanges has decreased by 66%," adding, "the current drop in trading volume is similar to the slump seen before entering a new phase in previous cycles."
According to CoinMarketCap data, the '30-day spot trading volume,' which topped $500 billion in early November, has plunged to $250 billion this week.
However, there is also analysis that Bitcoin's price structure resembles that just before a bull market. Crypto analyst Michael van de Poppe said, "As Bitcoin holds key price levels, upcoming major macroeconomic events could greatly increase volatility," and added, "the main resistance levels are $89,000 and $92,000, and if those zones are breached, Bitcoin could reach $100,000."
Major macroeconomic events scheduled for next week include ▲ U.S. Department of Labor October core retail sales, ▲ U.S. November nonfarm payrolls, ▲ Bank of Japan interest rate decision.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
