Crypto 24h trading volume declined as 2023 progressed, with figures being one-third lower than in 2022. The decline follows after Binance and Coins - two of the biggest crypto exchanges in the world - received lawsuits in the United States. Observations are also that the crypto market was quiet after April, citing a lack of a "strong overarching narrative". This is in contrast to 2021 and 2022 when cryptocurrency dominated the news and many people sought fortune in the digital currency.
Bitcoin developments
Bitcoin's trade volume slowed in the second quarter of 2023, after hitting a noticeable growth at the beginning of the year. The coin outperformed most of the market. Some attribute this to the announcement in June 203 that BlackRock filed for a Bitcoin ETF. This iShares Bitcoin Trust was to use Coinbase Custody as its custodian. Regulators in the United States had not yet approved any applications for spot ETFs on Bitcoin.
Changes in Ethereum staking in 2023
Ethereum's trade volume changed in 2023 due to the rollout of the Shapella (Shanghai and Cappella) upgrade. The update allowed investors to withdraw (unstake) Ethereum deposited into the network. Staking can be somewhat compared to depositing money at a bank, where one would submit money to be held and gains interest as time goes by. Lido has the highest staking pool (a platform that allows for staking) in Ethereum, higher than major crypto exchanges Coinbase and Kraken.
Overall cryptocurrency 24 hour trade volume from July 1, 2020, to November 6, 2024
(in billion U.S. dollars)
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Statista, & CoinGecko. (November 6, 2024). Overall cryptocurrency 24 hour trade volume from July 1, 2020, to November 6, 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1272903/cryptocurrency-trade-volume/
Statista, und CoinGecko. "Overall cryptocurrency 24 hour trade volume from July 1, 2020, to November 6, 2024 (in billion U.S. dollars)." Chart. November 6, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1272903/cryptocurrency-trade-volume/
Statista, CoinGecko. (2024). Overall cryptocurrency 24 hour trade volume from July 1, 2020, to November 6, 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1272903/cryptocurrency-trade-volume/
Statista, and CoinGecko. "Overall Cryptocurrency 24 Hour Trade Volume from July 1, 2020, to November 6, 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 6 Nov 2024, https://www.statista.com/statistics/1272903/cryptocurrency-trade-volume/
Statista & CoinGecko, Overall cryptocurrency 24 hour trade volume from July 1, 2020, to November 6, 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1272903/cryptocurrency-trade-volume/ (last visited November 21, 2024)
Overall cryptocurrency 24 hour trade volume from July 1, 2020, to November 6, 2024 (in billion U.S. dollars) [Graph], Statista, & CoinGecko, November 6, 2024. [Online]. Available: https://www.statista.com/statistics/1272903/cryptocurrency-trade-volume/
