The seven day moving average of crypto exchange volumes hit $352.6 million — a 47.6% decrease compared to November of this year. Crypto exchange volumes have not been this low since December 2020 when bitcoin was trading around $20,000.
Cryptocurrency prices fell considerably in 2022, with Bitcoin trading around $16,000 in December compared to $47,000 in January of this year. : Cryptocompare
The implosion of crypto exchange FTX, which filed for Chapter 11 bankruptcy protection on Nov. 11, underpinned the nearly 50% decrease in crypto exchange volumes. FTX's token FTT crashed 96% following the bankruptcy filing and now trades at $0.84, according to crypto price tracker CoinMarketCap.
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