Bitcoin trading volume on Binance has dropped significantly after the exchange ended zero-fee Bitcoin trading for all trading pairs except TrueUSD (TUSD). According to crypto data provider Kaiko, the BTC-USDT pair saw a 90% drop in trading volume.
The move has caused selling pressure on the Bitcoin price, which is facing strong resistance between $28.3K-$29K. Binance's Bitcoin daily trading volume fell to its lowest level since July 2022 over the weekend. Bitcoin liquidity has also dropped to a 10-month low due to crypto losing access to banking systems and USD payments, and the current market rally has paused due to the banking crisis, inflationary pressure, and uncertain macro environment.
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