Daily spot market trading volume for crypto exchanges fell below $10 billion for the first time since December of 2020, according to The Block's Data Dashboard.
Spot trading volume fell to $9.2 billion on Dec. 25 before continuing its decline to $8.5 billion on Dec. 27.
The last time daily spot trading volume was below $10 billion was on Dec. 17, 2020, when the price of bitcoin had surged past $20,000 for the first time just the day before, The Block previously reported. Bitcoin trades now around $16,800.
NFT transactions have also fallen alongside crypto trades, with The Block data showing that NFT sales have decreased every month since April.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.