(Bloomberg) -- Trading volume has slowed across many cryptocurrency trading platforms during the rout in global assets triggered by the Ukraine crisis, a potentiality troubling sign for a sector that has billed itself as alternative to traditional finance.
Bitcoin’s aggregated daily spot trading volume on Coinbase, Bitstamp, FTX, Gemini, ItBit, Kraken and LMAX Digital was around $3 billion, according to data from researcher Skew. That’s compared with previous highs of roughly $5 billion in the beginning of December. At one point Thursday, Bitcoin lost about $27 billion in market value.
“The overall volume wasn’t too high today.” Patrick Chu, head of institutional coverage at Paradigm, a crypto over-the-counter trading firm, said...