In the past two months, the digitalย currency market has witnessed the boost of Memeย Coin coins, marking the beginning of a new era characterized by low liquidity. Prominent digital assets have experienced a total liquidation of approximately $55 Million, with Bitcoinย (BTC) and Ethereumย (ETH) leading the pack at $15.54 Million and $14.77 Million respectively. Consequently, the rest of the cryptoย altcoin market informed around $25 Million in liquidation, highlighting a wholeย lotย of decline in digitalย currency traders.
Declining Trading Volume and BTCโs Support Level
Simultaneously, the decline in digitalย currency volumeย ofย trading aligns with the Bitcoinย (BTC) price fall below the critical levelย ofย support of $27.5k. The Bitcoinย (BTC) bulls are now striving toย sustain stability over the weekly 200 MA, drawing attention to theย following FOMC meeting minutes scheduled for Wednesday. These minutes are anticipated to provide investors with valuable insights into economic and financial conditions.
Related: Bitcoinย (BTC) Price Prediction: Bitcoin Price On The Verge Of 50 percent Drop
Santiment On Cryptocurrency Trading Volumesย
A recent report from the on-chain platform Santiment outlines a substantial decrease in digitalย currency trading volumes since BTCโs rebound in early March. Interestingly, the highly anticipated Ethereumย (ETH) Shanghai Upgrade on April 12 failed to ignite wholeย lotย of volumeย ofย trading in the cryptocurrency ecologicalย system owingย to concerns over potential regulatory crackdowns in the United States.
A Look At History
Santimentโs report emphasizes that the largest cryptocurrency assets are asย ofย now experiencing historically low levels of weekly volumeย ofย trading. Inย particular, cryptoย altcoin volume has significantly dried up. Andย once combining the volumeย ofย trading of Bitcoinย (BTC) and Ethereumย (ETH) alone, this represents the second-lowest threshold observed since September 2019.ย
Future Outlook: Rebound Around The Corner?
Looking ahead, as BTCโs halving approaches duringย a year, specialists expect the digitalย currency market continuation consolidating and trading in sync with the general market outlook. Consequently, cryptocurrency analysts predict a potential shakeout before a rebound, as concerns of an impending fall loom over the Second half of 2023.
Related: Bitcoinย (BTC) Bulls Exhausted! Peter Brandt Predicts Substantial Market Shakeup โ Coinpedia Fintech News
