The Block's news director, Frank Chaparro, has tweeted that cryptocurrency exchange's daily trading volume has hit its lowest point for the year. Previously, the daily trading volume of cryptocurrency reached its peak of 46 billion dollars on March 19th, but on May 21st it was only 10.42 billion dollars.
Chaparro analyzed that there are three reasons: 1. Pull Back of trading companies such as Jump and Jane Street has caused a decrease in liquidity; 2. The market starts to weaken around May each year (Sell in May and go away); 3. The bankruptcy of banks such as Signature and Silvergate has caused the cryptocurrency market to lose its main settlement channels.
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