Bitcoin has fallen to its lowest level in about a month, with prices dropping to $38,580 on April 18 as investors remain risk-averse to the digital currency and uncertainties mount over demand for these coins.
After exceeding $68,500 in November 2021, Bitcoin prices fell below $33,500 in January 2022. Since Russia invaded Ukraine, the cryptocurrency has been trading in the $37,500 to $48,000 range. Bitcoin was priced at $39,196 as of 15:49 UTC (11:49 a.m. Eastern time) on April 18, a 42 percent decline from the November peak.
Trading volumes for Bitcoin have seen a drop in recent months. The aggregate 30-day moving-average volume at crypto exchanges like Kraken, Bitfinex, and Bitstamp is at its lowest level since August 2021 according to data compiled by FRNT Financial.
Aggregate daily volume at these exchanges averaged just over $1 billion in the last month, which is a 60 percent decline from the $2.57 billion volume in May last year.
Bitcoin trading volumes are down because of “uncertainty,” said Noelle Acheson, head of market insights at Genesis Global Trading, while adding that investors seem to be worried about things getting worse “before they get better.”
Despite the decline in price and market uncertainty, crypto experts in the United States are expecting a spot Bitcoin exchange-traded fund (ETF) to be launched this year. Such optimism has strengthened after the Securities and Exchange Commission approved the application for the Teucrium Bitcoin Futures ETF in early April.