Could it be that we've entered a crypto-death spiral? Not likely; both the recovery and the volume show the opposite.
Bitcoin and Ether, the two most important cryptocurrencies on the market, have climbed back up in price early on Sunday after breaking through a few key price levels recently.
According to a report from CoinDesk, Bitcoin's value has fallen to its lowest level since late 2020 as evidence of a developing financial crisis in the crypto industry continues to pile up.
This is the 12th day in a row that the largest digital token by market value has fallen by more than 15 percent, according to statistics from Bloomberg.
But it's still just the biggest drop since Monday. Some of those losses were made up for, and the currency was last traded at $19,075 early Sunday morning.
Ether fell as much as 19% to $881, which was the lowest price since January 2021. On Sunday morning, it went up 11% to reach $1,005. Both are down more than 70% from their all-time highs, which were set at the beginning of November.
According to Binance's CEO, the company's volume was roughly the same in 2018 as it was in 2021, according to a story published by Reuters on Thursday.
The CEO of Binance, Changpeng Zhao, told Reuters on Thursday that trading volumes on the exchange so far in 2022 were about the same as the $34 trillion they were in 2021.
"So far this year, we're about the same," he said at the VivaTech conference in Paris, adding that Binance traded around $120 billion on June 15.
Binance France wants to open a regional headquarters in France and is asking the French markets regulator for permission to do so.