Bitcoin Mean Transaction Volume Reaches New 23-Month Low

Earlier today, on-chain transactions monitoring platform Glassnode Alerts tweeted that Bitcoin transaction volume for the 7-day Moving average (MA) has hit its lowest in 23 months at $30,663.79.

? #Bitcoin $BTC Mean Transaction Volume (change-adjusted) (7d MA) just reached a 23-month low of $30,663.79

View metric:https://t.co/fzTYIK4nKB pic.twitter.com/RTuJT7CHBu

— glassnode alerts (@glassnodealerts) November 25, 2022

This new transaction volume is a huge drop in comparison to Glassnode Alerts statistics on November 23. According to the previous data, BTC Mean Transaction Volume for 7-day MA stood at $116,564.65.

Dropping 0.11% in the last 24 hours, Bitcoin is currently trading at $16,500. Despite a brief dive at $15,500 due to disruption in the crypto market on account of the lending firm Genesis Global Capital suffering consequences of exposure to FTX, BTC maintained steady prices at $16,000 over the last three weeks.

Moreover, news of the US Central Bank withdrawing from its current stance of 75 basis point interest rate hikes hit the market, causing a calm over the previously turbulent cryptocurrency landscape.

Meanwhile, First Mover Asia announced today that Bitcoin is currently stable at $16,5000 as the Thanksgiving weekend approaches in the United States. New York-based crypto reporter, Jocelyn Yang recapped the FTX chaos in the article and explained the domino effect that followed after.

Yang explains “halting withdrawals,” is a phenomenon where customers of crypto exchanges and lenders are unable to access their money or assets. She says that this situation arises due to insufficiency of assets, and the next step for most businesses in this scenario is typically bankruptcy.

The reporter continues that the collapse of once-billionaire Sam Bankman-Fried and its blue-chip exchange FTX has, directly and indirectly, amplified the number of customers experiencing “halting withdrawals.”

In addition, the failures of crypto firms including Terra blockchain, Celsius Network, Babel Finance, Voyager Digital, and Three Arrows Capital have echoed the disaster. According to Yang, when one business suffers a downfall, another hits a liquidity crisis.

Cryptocurrency analysts, however, remain divided over the future anticipation of the cryptocurrency market. While some experts argue that the tomorrow for crypto is bright and strong, the majority predict bearish rates going forward.

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