Daily trading volume on spot Bitcoin exchanges falls below $10 billion

The average daily trading volume on spot exchanges fell below $10 billion for the first time since December 2020. Data from The Block.

As of December 27, the 7-day smoothed moving average stood at $8.53 billion.

The Fear & Greed Index also reflects market sentiment. At the time of writing it stood at 28 (“Fear”).

In December, total trading volume on NFT marketplaces continued to decline. The dominant platform in the segment, OpenSea, posted $240.86 million versus $253 million in November.

Earlier, researchers at Nansen found that the trading turnover of non-fungible tokens on Ethereum since the beginning of 2022 amounted to $23.7 billion.

Earlier, BTCC co-founder and former CEO Bobby Lee said a bull market could return to cryptocurrencies by early 2025.

Prior to that, Galaxy Digital founder Mike Novogratz reiterated his forecast for Bitcoin to reach $500,000. He said the asset would now need more than five years to reach the target, due to significant macroeconomic changes.

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