Crypto exchanges finish 2022 with the lowest volumes in two years

Crypto exchange trading volumes finished off 2022 at the lowest level in two years, according to The Block’s Data Dashboard. 

Source: Cryptocompare

The seven day moving average of crypto exchange volumes hit $352.6 million — a 47.6% decrease compared to November of this year. Crypto exchange volumes have not been this low since December 2020 when bitcoin was trading around $20,000. 

Cryptocurrency prices fell considerably in 2022, with Bitcoin trading around $16,000 in December compared to $47,000 in January of this year. 

Source: Cryptocompare

The implosion of crypto exchange FTX, which filed for Chapter 11 bankruptcy protection on Nov. 11, underpinned the nearly 50% decrease in crypto exchange volumes. FTX’s token FTT crashed 96% following the bankruptcy filing and now trades at $0.84, according to crypto price tracker CoinMarketCap. 

Source: Cryptocompare

To be sure, trading volumes tend to dip during the holidays — especially for NFTs, which had lower trading volumes around Christmas for the second year in a row, The Block previously reported. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.