Bitcoin Hits Lowest Level in almost five years in August 2023 as investors continued to wait for reasons to jump back into the market.
Analysis of CryptoQuant data from spot and derivatives exchanges shows the total volume of Bitcoin held across all exchanges fell earlier this month to its lowest level since 2018.
“Trade volume has decreased in a bear market as retail investors are leaving,” said Julio Moreno, head of research at CryptoQua
On August 26, 2023, Bitcoin trading volume across all exchanges reached 129,307 BTC, according to CryptoQuant. Meanwhile, on 12 August 2023, the price fell to 112.317 BTC, dropping to its lowest level since 10 November 2018.
As is well known, the United States (US) Government’s crackdown on crypto combined with the banking crisis in May kept investors away and they have no reason to return.
Bitcoin Hits Lowest Level. Even after the bitcoin sell-off on Aug. 17, 2023, saw its biggest one-day sell-off since FTX peaked in November last year.