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Historic High in Monthly Cryptocurrency Trading Volume on CEX Exchanges
The monthly cryptocurrency trading volume has reached an unprecedented high, with the third consecutive monthly growth. This surge is driven by market participants seeking to capitalize on volatility, as evidenced by the excessive liquidations exceeding over $1 billion in value.
On December 5th, Bitcoin (BTC) surpassed $100,000 for the first time, and then broke its own record on December 17th, reaching a new all-time high of $108,249. This upward momentum has been fueled by the persistent growth in demand. However, the accelerated unwinding of positions occurred after the cryptocurrency market experienced a sharp correction between December 20th and 24th, with Bitcoin plummeting nearly 3.5% from the $100,000 mark.
Market observers are now focusing on the upcoming Federal Reserve decision regarding interest rates for January 29th. The recent decline in inflation data for December has shifted the likelihood of a rate cut to 2025, making it a crucial turning point for cryptocurrency investors.
The CEX exchanges have witnessed unprecedented trading activity during this period, with the highest monthly volume ever recorded.
Source: www.bitcoinbazis.hu
