Cryptocurrencies
Behind Bitcoin’s Rut: Sagging Volume, Fading Animal Spirits
- Trading, open interest has fizzled amid Bitcoin’s 33% drawdown
- Stalled active addresses may lead to flash crash: Kantorovich
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The malaise surrounding Bitcoin runs far deeper than its price.
The world’s largest cryptocurrency has been languishing around $47,000, well below early November’s highs of nearly $69,000. A look under the hood helps explain why: Trading volumes have dried up, futures open interest is plunging and the number of active addresses has stalled out.