Key Takeaways
- Bitcoin and its digital peers are trading flat for the month of July as market awaits price catalyst
- Trading volumes for June are 40% lower than May’s highest, but still way above where they were a year go
Bitcoin Staying Above $33,000
Trading volumes have succumbed more than 40% in June among the most popular cryptocurrency exchanges, according to info from CryptoCompare. The summer slump for the cryptocurrency market has been keeping a lid on Bitcoin’s price as it remains pinned in the $33,000 to $35,000 range.
The lower prices and lower volatility are still not attractive enough for crypto buyers as the digital asset market has been trading mostly flat for nearly two months. Since the Chinese government renewed efforts to crack down on crypto mining and trading in mid-May, the average price of bitcoin has been floating around the $35,000 mark.
For the past two months, bitcoin has reached a low of $28,800 on June 22 and a high of $41,200 in the week prior, on June 15. A daily volume of $138.2bn was registered on June 22. The number was down about 42% from the intra-month high in May before the regulatory crackdown from China took place.
China’s Role in the Crypto Decline
China’s pressures over the nascent crypto market are considered the major catalyst for the decline in the prices of cryptocurrencies. Still, many crypto proponents see bitcoin and other digital currencies recovering from the heavy blow as they have done in the past.
The long-term positive trend remains intact, despite the short-term uncertainty that has roiled the markets and has resulted in the recent selloff.
Even after the significant drop in daily trading volumes, they remain higher than the volumes from the same period a year ago, CryptoCompare states.
Bitcoin this month has had a relatively calm price behavior. The leading cryptocurrency has declined 3.6% since the beginning of the month when it opened for trading at $34,500. The current market price of bitcoin hovers a couple of hundred dollars above $33,000 per coin.
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