Bitcoin Tests $7K as Spot Trading Volumes Subside to Normal Levels
After weeks of elevated activity, trading volumes on spot bitcoin exchanges have subsided, boding well for some traders if not the venues themselves.
On a relatively new exchange like the Antigua-based FTX, the order book depth, as represented by the number of buy and sell orders at each price, now matches the depth seen on industry leader BitMEX.
Lower bitcoin spot volumes and flatter-than-usual price action doesn’t mean crypto traders have zero opportunities to capitalize.
Bitcoin is experiencing high volumes, pushing the price close to $11,000. Meanwhile, Ethereum fees are up 550% this year.
After a flurry of trading late last week, bitcoin dipped on lower volume.
Activity in the bitcoin options market picked up pace on Thursday, as spot prices jumped above key resistance over $7,000.