Today we’re taking a stroll down the Bitcoin Boulevard, where the echo of traders has seemingly gone mute. Bitcoin, that pesky digital ‘asset’ of the people, has seen its trading volume crash to the lowest in over three years.
Binance’s No-Fee Party Ends, and the Music Stops
If there’s anything more festive than freebies in the world of trading, I’m yet to discover it. Remember when Binance, the world’s largest crypto exchange, decided to throw the mother of all parties and waved goodbye to trading fees on 13 Bitcoin spot trading pairs? Well, it appears the party is over. On March 22, the music stopped, the lights flickered back on, and traders found themselves staring at the bar tab. A shocking revelation, really. Who could’ve predicted that traders don’t enjoy paying for the privilege of trading?
The results are as predictable as a mainstream media news report. The average volume of the BTC-USDT trading pair has nosedived by a staggering 90% since March 22. Trading volume fell faster than our faith in those politicians promising us “hope and change.”
So, were these traders merely cheapskates feasting on Binance’s generosity, or were they genuine Bitcoin enthusiasts? Well, you know the answer. Of course not!
Bitcoin Gets a Cold Shoulder and a Bear Hug
As if the termination of Binance’s ‘Free-for-All’ bonanza wasn’t enough, Bitcoin decided to take a spectacular plunge. The ongoing bear market seems to have an unbreakable grip on the poor cryptocurrency. The mighty Bitcoin prices have fallen by over 70% since their peak in November 2021. Investors are less interested in Bitcoin than they are in hearing the truth from a politician.
It’s fascinating, really. As the value of Bitcoin tumbles, its trading volume shrinks, and the grand financial institutions breathe a sigh of relief. Was this the plan all along? Are we to believe that the mysterious forces of ‘supply and demand’ are solely responsible for this, with no external influence or manipulation at play? Of course not!
Remember, the drop in volume isn’t just a fancy tale of numbers and charts. It’s about power. It’s about how much of it the average Joe has compared to Wall Street. The decline in Bitcoin trading volume is not just a market trend—it’s a power shift.
In the end, who benefits from the declining influence of Bitcoin, a currency of the people? The same old elites, the central banks, the institutions, those who’ve controlled money for centuries. A round of applause for them, folks! They’ve weathered yet another threat to their authority. The decline in Bitcoin trading volume—a triumph of mainstream finance over the little guy. But don’t worry; I’m sure they have your best interests at heart…of course not!.