To put an end to seven days of pandemonium in both the crypto world and traditional markets, crypto traders followed up a spurt of record-breaking activity with eerie quiescence.<\/p>\n
In the past 24 hours, trading volume for Bitcoin totaled just $31 billion, down from peaks of near $80 billion on Fridaythe highest on record, according to data from CoinMarketCap.<\/p>\n
The tumult was down to the coronavirus pandemic: this week, the US announced a national emergency; Italys hospitals became overrun with patients; and Spain declared a nationwide lockdown. Uncertainty in the global economy caused a massive selloff of crypto. As a result, Bitcoin's price was cut in half, to lows of $4,107.<\/p>\n
But following the historic trading boom, trading volume for Bitcoin this weekend hit its lowest ebb since the beginning of February. Last weekend, daily trading volume hovered around $36 million. The weekend before, $43 million.<\/p>\n
Trading volume on major exchangesCoinbase and Krakenalso dipped over the past 24 hours, according to data from metrics site CoinGecko. In Fridays blowout, Kraken traded over $1 billion and Coinbase Pro reached $2 billion. In the past day, they traded around $100 million and $300 million, respectively.<\/p>\n
Price stayed much the same in the past 24 hoursBitcoin now trades for around $5,360after taking a severe battering just days before.<\/p>\n
Litecoin made modest gains of 0.85%, and Bitcoin Cash rose by 0.38%. Ethereum Classic was up by 0.63% and Bitcoin SV, rose just under 1%.<\/p>\n
The outbreak is only getting worse: A World Health Organization report yesterday confirmed that 142,539 have the virus (9,769 new cases since Friday), and 5,393 have died (an increase of 438).<\/p>\n
And the global economy already took this weeks news badly. The Dow Jones index fell 10% on Thursday, its worst performance in over 30 years, before rebounding slightly on Friday.<\/p>\n
Bitcoin, which doesnt have the circuit breaker mechanisms of traditional markets, which temporarily cease trading if things get too rough, fared even worse.<\/p>\n
But despite a big sell-off earlier in the week, Nic Carter, a partner at crypto venture capital firm Castle Island Ventures, said that most of the Bitcoin was traded between exchanges, and that it would be much more worrying if long-term holders were selling off their crypto assets.<\/p>\n
After crypto's quiet weekend, all hell may break loose once again when global markets open for trading tomorrow.<\/p>\n
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/p>\n
<\/p>\n