Spot crypto trading volumes surge to levels not seen since March

Companies • October 28, 2023, 12:57PM EDT
Published 1 minute earlier on
The Block

Quick Take

  • The recent crypto rally has boosted bitcoin to $35,000 and increased daily exchange volumes to their highest levels since spring.

The recent crypto rally that propelled Bitcoin toward $35,000 is revitalizing the previously calm market, as daily exchange volumes reach their highest levels since spring.

According to The Block's data dashboard, the seven-day moving average for spot exchange volumes across the market's reputable platforms breached $24 billion on October 26. This level hasn't been reached since the end of March.

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The market has experienced more pronounced fluctuations compared to the summer as traders process headlines about the potential launch of a spot Bitcoin exchange-traded fund, which proponents believe will create new channels for capital influx. That's lifted volatility to level not seen since April, The Block's dashboard shows. 


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About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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