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Cryptocurrency trading volumes fell more than 40% in June, amid regulatory crackdown in China and declining price volatility. Bitcoin shares were down.
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According to London researcher CryptoCompare, spot trading volumes fell 42.7% to $ 2.7 trillion, with derivative volumes down 40.7% to $ 3.2 trillion. Price volatility also weakened, which also weighed on transaction volumes.
Bitcoin, the largest cryptocurrency, fell more than 6% in June. It hit a monthly low of $ 28,908, the lowest level in six months, as Chinese authorities continue to relentlessly tighten bitcoin trading and mining restrictions.
More recently, Chinese authorities halted mining activity and asked banks to stay away from cryptocurrencies. As a result, the price of cryptocurrencies has plummeted, wiping out hundreds of millions of dollars in value in the digital currency markets.
“Markets have seen mixed news – headwinds continued as China persisted in its crackdown on Bitcoin mining, while positive news emerged as El Salvador became the first country to adopt officially Bitcoin as legal tender, ”the report says.
The privately held Binance, the world’s largest crypto exchange, saw its spot trading volumes drop 56% in June to $ 668 billion.
Coinbase (COIN), the largest US-based cryptocurrency exchange, reported a spot trading volume of $ 77.4 billion, down 61.5%.
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Bitcoin shares
COIN stock fell 1.25% to 250.69 on the stock market today. The shares are down 42% from their all-time high of 429.54, recorded during the day when it went public on April 14.
MarketSmith’s chart analysis shows that Coinbase’s relative strength line tends to decline. Its RS rating is only 6 out of 99 possible. But its EPS rating is 74, as it has had three consecutive quarters of rising profits.
Among other Bitcoin stocks, Digital marathon (MARA) fell 4% to 26.58, dipping just below its 50-day moving average.
Riot blockchain (RIOT) lost 4.4%, and MicroStrategy (MSTR) fell 4%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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