Crypto exchange trading volumes finished off 2022 at the lowest level in two years, according to The Block's Data Dashboard.
The seven day moving average of crypto exchange volumes hit $352.6 million — a 47.6% decrease compared to November of this year. Crypto exchange volumes have not been this low since December 2020 when bitcoin was trading around $20,000.
Cryptocurrency prices fell considerably in 2022, with Bitcoin trading around $16,000 in December compared to $47,000 in January of this year.
The implosion of crypto exchange FTX, which filed for Chapter 11 bankruptcy protection on Nov. 11, underpinned the nearly 50% decrease in crypto exchange volumes. FTX's token FTT crashed 96% following the bankruptcy filing and now trades at $0.84, according to crypto price tracker CoinMarketCap.
To be sure, trading volumes tend to dip during the holidays — especially for NFTs, which had lower trading volumes around Christmas for the second year in a row, The Block previously reported.
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