For the last several days, Bitcoin’s price changed multiple times. The recent price fluctuation caused serious problems for the cryptocurrency exchanges and cryptocurrencies in general. The problem is that due to the price of Bitcoin the trading volume decreased, and this created financial problems.
It is important to mention that cryptocurrency exchanges are making money from the fees they receive for making trades. This is the main source of income for exchanges. As they are charge customers to make trades. However, this is changing, but it will take time before exchanges will find another source of income.
Nevertheless, at the moment, exchanges are dealing with problems. According to Bitcoin and crypto data company, Messari the Bitcoin trading volume fell from $4 billion per day to the current amount. It means that trading volume decreased from $4 billion to $200 million a day. The current volume is 20-times smaller than it used to be several months ago.
Another problem is transactional volume on the Bitcoin blockchain is also decreasing, and that is a serious problem. The amount of money sent each day fell to the lowest point since May. As a result, this amount is less than $800 million.
Hopefully, there is good news connected with cryptocurrencies. The Binance which is the world’s largest exchange by volume reached an important milestone. Its cumulative profit surpassed $1 billion.
Cryptocurrencies on October 18
On Thursday, Bitcoin’s price fell to less than $8,000. At some point, its price even fell to $7,915, which was the lowest point since the beginning of the month. However, Bitcoin started to recover as the price rose above $8,000. The price continued to increase until it experienced problems.
Right now, Bitcoin’s price is $7,843.
Another major cryptocurrency is Ethereum. At the moment, Ethereum’s price is $171. The price may increase if Ethereum is going to break the resistance level above $180.