Crypto Trading Volume Plummets After Jane Street Scales Back Crypto Business

According to The Block, the 7-day moving average of cryptocurrency trading volume has hit its lowest level since the beginning of the year, standing at $12.84 billion on May 17, down sharply from a peak of more than $46 billion in March. Volatility has also declined, with the Bitcoin Volatility Index (BVIN) falling from 96 on April 14 to 58.5 on May 17. on May 9, Bloomberg reported that Jane Street was scaling back its crypto business for regulatory reasons and that its Jump Crypto was exiting the U.S. market.