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number is one thing, but volume is through the floor
by davidgerard 3y ago
number is one thing, but volume is through the floor
- MuffinFlavored 3y agoHow much is it down % wise compared to what period previously?
- davidgerard 3y agosolid numbers are sometimes not so easy to find - you should presume that any number in crypto that could be faked is being faked - but there's clearly been a serious decline. Coinbase reveals in 10-K and 10-Q filings how it's lost over 75% of retail customers, i.e. the guys who supply the scarce actual dollars to crypto. CoinDesk has been running regular articles on how it's down, e.g. * https://www.coindesk.com/markets/2023/07/05/crypto-trading-volumes-rise-for-first-time-in-3-months-amid-etf-optimism/ https://www.coindesk.com/markets/2023/07/05/crypto-trading-v... - "Still, spot trading volumes remain at historically low levels. Spot trading volume in the second quarter was the lowest since Q4 2019, according to the report." * https://www.coindesk.com/markets/2023/06/15/crypto-trading-volumes-drop-in-q2-to-yearly-lows/ https://www.coindesk.com/markets/2023/06/15/crypto-trading-v... - "Average daily volumes for the second quarter of 2023 were $10 billion for the top 10 tokens (excluding stablecoins), compared to $18 billion average daily volumes in the first quarter of the year." this is important, because a thin market means the price is more easily fakeable. The TrueUSD stablecoin seems to have lost its backing recently, but simultaneously with that Binance somehow printed $2b worth of TrueUSD. What could you do to the bitcoin price if you had $2b of fake money to do it with?
- automatic6131 3y agoHi David! I love your blog and your twitter