- Glassnode Alerts show 23-month low transaction volume worth $30,000 for BTC.
- This is down from $116,000 according to data released on November 23rd.
- BTC is currently trading steady at $16,500 as we enter Thanksgiving.
On-chain transaction monitoring platform Glassnode Alerts tweeted earlier today that transaction volume for the 7-day moving average (MA) hit its lowest level in 23 months at $30,663.79.
#Bitcoin $BTC Median Transaction Volume (adjusted for change) (7d MA) just hit a 23-month low of $30,663.79 View metric: https://t.co/fzTYIK4nKB pic.twitter.com/RTuJT7CHBu
— Glassnode Alerts (@glassnodealerts) November 25, 2022
This new transaction volume is a huge drop compared to Glassnode Alerts stats as of November 23rd. According to the previous data, the median BTC transaction volume for 7-day MA was $116,564.65.
Bitcoin is down 0.11% in the last 24 hours and is currently trading at $16,500. Despite a brief dip at $15,500 due to disruptions in the crypto market as a result of lending firm Genesis Global Capital’s exposure to FTX, BTC has held steady prices at $16,000 for the past three weeks.
Additionally, news of the US Federal Reserve’s withdrawal from its current stance of 75 basis point rate hikes hit the market, calming the previously turbulent cryptocurrency landscape.
Meanwhile, First Mover Asia announced today that Bitcoin is currently stable at $16.5000 as Thanksgiving weekend approaches in the United States. New York-based crypto reporter Jocelyn Yang summarized the FTX chaos in the article and explained the domino effect that followed.
Yang explains that “withdrawals stop” is a phenomenon where customers of crypto exchanges and lenders are denied access to their funds or assets. She says that this situation is due to insufficient assets and the next step for most companies in this scenario is typically bankruptcy.
The reporter goes on to say that the collapse of one-time billionaire Sam Bankman-Fried and his blue-chip exchange FTX has directly and indirectly increased the number of customers experiencing “stuck withdrawals.”
Additionally, the failure of crypto firms like Blockchain, Celsius Network, Babel Finance, Voyager Digital, and Three Arrows Capital has mirrored the disaster. According to Yang, if one company collapses, another faces a liquidity crisis.
However, cryptocurrency analysts remain divided on the future expectation of the cryptocurrency market. While some experts argue that the future is bright and strong for crypto, the majority predict bearish prices in the future.
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