Bitcoin Trading Hits Lowest Level Since November 2023

Bitcoin's trading activity has slowed to its lowest level since November 2023, according to K33 Research. The firm reports that average daily Bitcoin spot trading volume has fallen to approximately $2.2 billion in July, a significant drop from previous months.

The price of Bitcoin remains stuck in a narrow range between $60,000 and $66,000, which has led to a lack of interest among traders. As a result, exchanges are struggling with reduced revenue due to fewer transactions.

Vetle Lunde, head of research at K33 Research, attributes the uncertainty ahead of the Federal Reserve's decision as one factor keeping traders cautious. BitMEX has announced its closure on September 23, while other exchanges like BitMart and AscendEX have also shut down due to weak trading volumes and shrinking revenues.