Recent declines in trading activity across the cryptocurrency market are notable despite high derivatives figures. Bitget is investigating manipulations with the VOXEL/USDT contract, raising concerns within the crypto community.
Bitget Investigates VOXEL Market Manipulations
Cryptocurrency exchange Bitget detected abnormal trading activity on the VOXEL/USDT perpetual futures contract, recorded on April 20. In response, accounts suspected of trading manipulation were suspended, and the exchange committed to rolling back users' profits. A price spike of over 138% in a single day raised suspicions of coordinated manipulation.
Cryptocurrency Trading Volumes Hit Six-Month Lows
Despite a brief uptick in early April, trading volumes on major centralized exchanges have fallen to the lowest levels in six months, totaling only $32 billion. This marks a 75% decrease compared to peak amounts in December 2024. Decentralized exchanges are also witnessing volume declines, reaching similar lows.
What’s Driving the Volume Drop?
Experts point to several factors contributing to the volume drop: macroeconomic uncertainty, low volatility in major crypto assets, and possible trader exhaustion after a robust first quarter. As May approaches, attention will be focused on the potential for trading volume recovery.
The cryptocurrency market situation requires careful analysis. Incidents like Bitget’s investigation highlight the importance of transparency and trader protection amid declining interest in cryptocurrencies.
