By George Ward
The cryptocurrency industry continues to record more losses after its exchange volumes recently crashed to levels last seen in December 2020. According to data from the on-chain analytics platform, The Block, the volume of crypto transactions on crypto exchanges last month was just $543 billion, down from the $733 billion recorded in September.
The last time exchange volumes dropped to this low level was in December 2020, when it went down to 385 billion. However, that December was when Bitcoin (BTC) price touched various all-time highs, trading above $28,000. October makes it the sixth month since the high-profile TerraUSD crash.
Since then, prices became stagnant for many months before rallying last week. Also, the world’s largest crypto exchange, Binance, had most of the Crypto Exchange volumes, recording up to $390 billion for the month.
Additionally, the exchange volume of the North American region fell to just over $78 billion. United States-based cryptocurrency exchange Coinbase had most of the volumes in this region, having up to 60% of the volumes at $46.9 billion flowing through the exchange.
According to two other crypto exchanges, South America had $9.4 billion in volumes, slightly down from what they had in September when exchange volumes were at $11.6 billion. But that increased from August’s record of more than $1 billion.
Asian crypto exchanges had the lowest volumes since December 2020, recording just $529 billion in October. Volumes also dropped to October 2020 lows in Europe, registering just $17.7 billion.
Bitcoin Set To Break Its Bond With Stocks
Meanwhile, after months of bearish movement in the Bitcoin market, the world’s largest crypto wants to split up with stock markets. Since the start of this year, Bitcoin has been correlated with tech stocks but is set to break away.
Chief executive officer of FITCHIN, a Web3 gaming ecosystem, Santiago Portela, said that any Bitcoin break-up from top tech companies is a sign of strength. According to him, Tech growth has become stagnant. Hence, investors are searching for the next growing industry with Bitcoin and crypto among their options.
Also, market volume has reduced, with the average daily volume falling to $61.3 million as of Oct. 25. This volume is very low compared to the daily volume that was nearly at $700 million in November 2021.