Bitcoin Trading volumes fell 47% this month from the record high in May, in a grim turn of events for the digital asset industry as crypto prices currencies retreat.

A daily average of $ 34.8 billion in bitcoin changed hands in the first eight days of June, down from 67 milliunprecedented dollar ards recorded last month, based on data from Research. The June average is so far the lowest of any month since December.

"Traders have certainly lost their appetites for bitcoin in this uncertain market environment," the Norwegian cryptocurrency analysis firm wrote on Tuesday. Arcane Research in a report.

Falling transaction volumes could have implications for cryptocurrency exchanges, which derive revenue from transaction management. American exchange Coinbase the share price has fallen by 31% since its listing on April 14.

"The big price crash in May and Elon Musk 's tweets really boosted trading activity, making May have been a very rich month, "said John Todaro, vice president of crypto asset and blockchain research at Needham & Company, referring to the CEO of Tesla.

Since the trade volume is shown in dollars rather than the number of BTCs, the drop in prices last month in itself was a contributing factor, in addition to the drop in interest from traders.

Read more: Bitcoin Futures Market in capitulation mode as traders turn bearish

Todaro said the cryptocurrency will likely pick up, and June may end up coinciding with previous months like March and April in terms of trading activity.

Wednesday, the price of bitcoin increased the mostnty two weeks. The cryptocurrency was changing hands at nearly $ 36,500 at the time of publication, compared to $ 31,000 when it was trading on Tuesday night.