Cryptocurrency Market Plunges as Bitcoin and Ethereum Experience Worst Quarter Since 2019

Bitcoin and Ethereum are experiencing a decline in trading volumes, with both cryptocurrencies on track for their worst quarter since 2019. Bitcoin's spot trading volumes for the current quarter have reached $721.10 billion, potentially marking a 14% decline compared to the previous quarter. Ethereum's trading volumes are also down, with a cumulative quarterly volume of just over $650 billion if September's volumes reach approximately $220 billion. The drop in trading volumes is attributed to spot market liquidity suffering and a lack of depth in the spot order book, according to industry reports.