Bitcoin Trading Volume Hits 2018 Low on Bitfinex: China and HK’s Typhoon Mangkhut Cause?
Bitcoin Volume Hits a New Year Low in Bitfinex; Typhoon Mangkhut Could Have Affected
Bitcoin is clearly experiencing a bear trend since the beginning of the year. The famous virtual currency cannot recover and the bearish sentiment is still controlling the markets. And indeed, Bitcoin had its lowest volume day since November 6, 2017. According to CoinMarketCap, Bitcoin registered its lowest daily trading volume in over a year.
At the same time, in Bitfinex, the weekly trading volume has also been severely affected. The exchange has registered its lowest Bitcoin volume since July 2017.
$BTC quietly had its lowest volume day since November 6, 2017
(source CoinmarketCap historical 24/hr Volume – all exchanges)
Bitfinex hits lowest Bitcoin volume on the weekly chart since July 2017 pic.twitter.com/Lcs3ApA7Os
— Josh Rager 📈 (@Josh_Rager) September 17, 2018
Clearly, the markets are very bearish, and the community is now more cautious about what can happen in the near future. It is important to remember that by the end of September the U.S. Securities and Exchange Commission (SEC) will have to take a decision about a cryptocurrency exchange traded fund (ETF).
Additionally, several countries are working in specific regulations to control the whole cryptocurrency market. Furthermore, there are several companies that are working in order to build different institutional-grade solutions and allow new players to enter the market.
However, on September 16 and 17, the Typhoon Mangkhut has affected different parts of Eastern Asia, including Hong Kong and Southern China. Additionally, in the Philippines, the Typhoon left 64 people dead.
Indeed, according to LocalBitcoins Hong Kong registered its second lowest weekly volume since January 28, 2017. Over 2.4 million people had been evacuated from over 7 cities in Guangdong province in China, according to The Associated Press.
Moreover, Macau has closed its casinos for the first time with the intention to avoid further problems.
Clearly, the situation in the region is quite complicated, and it could explain part of why the market experienced a decreased trading volume. At the moment, just 7 cryptocurrencies have registered gains in the last 24 hours. The top 10 virtual currencies by market capitalization are registering losses between 2.89% (Bitcoin) and 8.88% (EOS).