On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Digital currency markets have slipped significantly in value during the last two weeks and the lower prices have not sparked higher trade volumes. Data shows cryptocurrency spot market volume has slipped from $1.4 trillion in November 2021, to this month’s $593 billion in volume. Bitcoin futures open interest and volumes have dropped considerably over the last two months as well.
Crypto Volumes Slide Month-Over-Month Since November
When crypto markets shed significant value, traders typically look to see if trade volume increases in order to support the current prices. Since a number of coins tapped all-time high prices during the second week of November, crypto spot market volume has continued to slide.
Data from theblockcrypto.com’s exchange volume dashboard, which sources data from cryptocompare.com metrics, indicates spot market volume has fallen month-over-month since November.
While November saw $1.4 trillion, December saw a recorded $1.04 trillion. While data is incomplete for the month of January 2022, so far $593 billion in volume has been settled.
Even though November’s spot market volume was larger than December’s and the three weeks of January, the $2.23 trillion in volume recorded in May 2021 was double the size. Daily exchange volume has followed the same pattern as daily crypto trade volumes are lower than they were two months ago.
On November 2, 2021, $53.27 billion was settled that day, while data from January 22, 2022, shows $24.65 billion. While monthly and daily crypto-asset spot market volumes have dipped, the same can be said for derivatives markets like futures and options.
When BTC tapped an all-time price high on November 10, 2021, the following day $28 billion in bitcoin futures open interest was recorded. January 22 metrics indicate $14.64 billion in open interest was recorded across a slew of bitcoin futures exchanges.
Regarding bitcoin futures volumes, they were higher in October than they were in November. $1.94 trillion was recorded last October and this month, there’s only been $1.08 trillion recorded so far. Aggregated open interest and volumes tied to bitcoin options have also dropped month-over-month for the last two months.
For the most part, the low volumes across crypto spot markets and derivatives have affected the crypto economy negatively. Up volume typically indicates bullish trading, but that hasn’t been the case in recent times.
What do you think about the volume downturn in crypto markets in recent times? Let us know what you think about this subject in the comments section below.
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