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Bitcoin Trading Volume Sinks More than $2 Trillion in Second Quarter

2 mins
Updated by Geraint Price
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In Brief

  • Bitcoin continues to see waning trading volume due to the bearish trends of the market.
  • Monthly volumes have fallen under $1.5 trillion in 2022.
  • Bitcoin had a combined trading volume of $2.8 trillion in the second quarter of 2022.
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Due to the steep decline in the prices of cryptocurrencies, Bitcoin trading volume in the second quarter of 2022 was one and a half times below that of the second quarter of 2021.

Bitcoin continues to hover around the $20,000 price mark due to negative investor interest. According to Be[In]Crypto Research, trading volume was approximately $2.84 trillion during the second quarter of 2022. This was a 43% drop in the trading volume recorded between April and June 2021 of around $5.01 trillion. 

Fall in trading volume mirrors broader crypto market 

A bearish trend in the overall decentralized finance (DeFi) market which led to a 60% slash in the overall market value of the crypto space can be credited for the fall in investor demand for Bitcoin. 

In April 2021, Bitcoin trading volume was approximately $1.84 trillion and had a single-day high of around $97.47 billion. With April following the declining volumes from the first quarter of the year, investor interest in the most popular cryptocurrency tumbled. In April, Bitcoin trading volume was $830.12 billion, with a single-day high of $39.39 billion. 

In May 2021, the trading volume of BTC was $1.98 trillion, with a single-day high of roughly $126.36 billion. The collapse of the Terra ecosystem led to a sharp decline in the prices of all digital assets. During this period, Bitcoin trading volume dipped to $1.09 trillion and had a single-day high of $70.39 billion. 

In June 2021, Bitcoin trading volume was about $1.19 trillion, with $58.96 billion as the month’s single-day high. Despite bullish forecasts by several market commentators for June, BTC continued its downtrend by trading in the range of $17,708.62 and $31,957.28. BTC trading volume was roughly $923.94 billion, and a single-day high of $68.2 billion was recorded within the period. 

How did the decline affect Bitcoin in the second quarter? 

Bitcoin opened on April 1 with a trading price of $45,554.16, reached a quarterly high of $47,313.48 on April 3, tested a quarterly low of $17,708.62, and closed the second quarter of the year at $19,784.43. Overall, this equates to a 56% decrease between the opening and closing price of BTC in Q2 2022.

Source: BTC/USD Chart by TradingView

For the sake of comparison, Bitcoin opened on April 1 2021, with a trading price of $58,926.56, reached a quarterly high of $64,863.10 on April 14, tested a quarterly low of $28,893.62 on June 22, and closed the second quarter of 2021 at $35,040.84. Overall, this represents a 40% decline between the opening and closing price of Q2 2021.

Source: BTC/USD Chart by TradingView
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Raphael Minter
As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.
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