Daily spot market volumes on cryptocurrency exchanges fell below $10 billion for the first time since December 2020, according to The Block. Spot trading volume dropped to $9.2 billion on December 25 before continuing to drop to $8.5 billion on December 27.
According to previous news, the last time daily spot trading volume was below $10 billion was on December 17, 2020, when the price of Bitcoin soared above $20,000 for the first time in one day. Bitcoin is now trading at around $16,800.
NFT transactions have also fallen along with crypto transactions, with data showing that NFT sales have fallen every month since April.