The broader cryptocurrency market was left in awe when the Bitcoin price experienced a sharp pullback during the weekend. Even after a strong decline, the ongoing correction is showing signs of becoming more entrenched, as evidenced by weak spot trading.
The chart shows that overall market liquidity is also under pressure, which is indicated by stablecoin outflows from crypto exchanges. At the same time, there was a roughly $10 billion decline in stablecoin market capitalization over the period. However, developments in spot market volumes are as instructive.
Spot Trading Volume Slips Into Two After Fresh DeclineAt the time of writing, the price of BTC was $78,640, up nearly 3% in the last 24 hours. Its trading volume is moving in the opposite direction, falling by over 16% in the past day.
