Investors have been closely monitoring the significant lack of liquidity in cryptocurrency trading, prompting market makers to exercise caution.
In February, Bakkt, which is owned by Intercontinental Exchange, ceased its consumer-oriented application as part of its transition away from the retail market.
Putting the Crypto Market's Recent Price Fluctuations on May 12, 2023 into Perspective.
While longer-term investors continue to hold their positions with resilience, the reduction of holdings by Bitcoin super whales demands attention.
Binance remains the leading platform for trading cryptocurrency derivatives.
The amount of ether staked has reached a new record high of 19.55 million as deposits for ETH staking exceeded withdrawals.
Bitcoin and Ether experienced a surge in value following mildly favorable inflation data, but then declined in response to rumors of a U.S. government sell-off of BTC. However, the cryptocurrencies rebounded as investors disregarded the market upheaval.
ALSO: The CEO of the Web3 bond-market platform, Umee, suggests that Bitcoin will require a compelling narrative to break out of its current range, but this may not happen until next year.
Despite this, it still holds the position of the leading centralized exchange in the industry.
Despite the recent drop in prices, major players in the market are still acquiring the meme coin, indicating the possibility of a forthcoming surge.