Confirmed trading volumes on spot cryptocurrency exchanges fell in April by 28.4% compared with March. This was reported by The Block analyst Larry Chermak.
Legitimate volume on cryptocurrency exchanges has seen a steep decline in April, which has historically never been a good sign. Down 28.4% vs. March. pic.twitter.com/qHGgh6vXkM
– Larry Cermak (@lawmaster) May 5, 2020
“There was a sharp decline in April, which historically has never been a good sign,” – he noted.
In March, trading volumes increased by 22.4% compared with February. Against the backdrop of a market collapse on March 12-13, daily trading volumes reached record levels in the entire history of the industry. As a result, the aggregate indicators of the first quarter jumped by 61% compared to the previous period.
Confirming his warning, Chermak imposed a bitcoin price movement on the trading volume chart.
On the eve of the growth in the price of the first cryptocurrency against the backdrop of low volumes of exchange trading, the well-known Bitfinex trader Joe007 indicated. In his opinion, this indicates a lack of demand for further sustainable growth.
Recall, according to Dune Analytics, in March, trading volumes on decentralized exchanges reached a record $ 668 million. In early May, the figure rose to $ 2 billion, almost catching up with the figure for the entire last year.
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