Bitcoin Falls 3.5%... June Trading Volume Drops 40%

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Baek Jong-min] Cryptocurrency prices, including Bitcoin, showed a simultaneous decline. Analysts suggest that trading volume has significantly decreased as investor interest has waned.

As of 4:25 PM on the 12th (local time), according to CoinMarketCap, Bitcoin fell 3.5% to trade at $32,807. Ethereum dropped 5.4% to $2,200, and Dogecoin fell 4.5% to 20.6 cents.

Bitcoin has recently been hovering around the $33,000 mark. Relatedly, CNBC reported that cryptocurrency trading volume sharply decreased in June.

According to CryptoCompare, the trading volume in June at major exchanges such as Coinbase, Kraken, Binance, and Bitstamp decreased by 40%.

The daily maximum trading volume was only $138.2 billion, down 42.3% from the peak in May. Bitcoin’s price in June fell 6% on a monthly basis, hitting a low of $28,908.

However, some analyses suggest that cryptocurrency trading remains active. Clara Medalli, an analyst at Kaiko, a cryptocurrency data provider, explained, "Although cryptocurrency trading sharply declined on most exchanges, it is still substantial compared to a year ago."

Medalli argued, "Since May recorded the highest trading volume ever due to large-scale liquidation trades, simply comparing June’s trading volume to May’s is meaningless."