After a series of negative stories, cryptocurrencies are currently in a summer slump. They will be undergoing a two-month correction period.

According to CryptoCompare data, trading volumes on the biggest exchanges like Coinbase, Kraken and Binance fell by more than 40% in June. They cited lower prices as well as lower volatility for the reason.

According to the report, the June price of Bitcoin fell 6% and reached a monthly low at $28,908 in June. The intra-month peak of $138.2 trillion reached June 22, and was 42.3% lower than May’s high.

According to Reuters, the report highlighted China as a major catalyst. Reuters reported on it earlier Monday. China’s latest effort to crackdown on the industry has had a bigger impact than any previous efforts. However, experts and investors in the cryptocurrency industry still see a positive trend for bitcoin and other crypto currencies over the long term.

Pervalle Global’s chief investment officer, Teddy Vallee said that the Chinese crackdown had caused a lot fear. “The digital asset ecosystem was punched in its face. It’s now up against the ropes, rather than fighting in the middle. Participants are often afraid when there is a large sell-off and they pull back their chips.

Vallee stated that although he isn’t seeing large returns to exchanges, funding rates remain negative and the number of wallets available is lower.

China ordered the cessation of cryptocurrency at the end June as it prepared to launch its state-backed digital currency. The Chinese government shut down mining operations in various provinces that hosted between 50% and 60% of all bitcoin mining power.

VanEck’s director of digital assets strategy, Gabor Gurbacs, said that miners leaving China weren’t using as much bitcoin to transact as they used.

The emerging ESG narrative surrounding bitcoin’s proof of work consensus mechanism and the negative regulatory undertones emanating from the Financial Action Task Force (an intergovernmental anti-money laundering watchdog) have further exacerbated the market mood, Ben Forman managing partner at ParaFi Capital said to CNBC. ESG stands for environmental and social governance factors.

“Once these stories started to permeate the market in May,” said Nick Mancini (research analyst for the crypto sentiment analytics platform Trade the Chain). “Eventually, the bitcoin trading volume dropped by almost half since its peak and is now down 32% from its June average.

Gurbacs stated that summer can have lower volumes, even in equities. Investors may still feel the pain after this year’s crypto market losses.

He also said that the bitcoin price climbed to $60,000 this year and ether as high at $4,000 in 2016. This brought new interest and investors to cryptocurrency, which hasn’t seen a bear market for bitcoin yet.

Gurbacs stated that people are tired of rock pools.

He said that cryptocurrencies reached their highest point this year when ‘a lot people invested upwards, and a lot more people invested at the top. And they lost money. “Half of the market has disappeared, so we cannot expect the same volume when the market is basically a lot more people new to the space who were spooked.

Despite the drastic drop in trading volume it is still significantly higher than last year, Clara Medalie research lead at Kaiko, crypto market data provider Kaiko, said.

CNBC’s Medalie stated that although volumes plunged on most exchanges in June, overall volumes are still much higher than they were one-year ago.

She added that June volume is still among the top five most volume-producing months ever. Although the volume drop was significant compared to May’s, it was not fair because May had the highest volume ever recorded due in large part to the unprecedented liquidation events. Volumes are back to 2020 levels, but they are still huge compared to 2020.

Trade the Chain’s Mancini still believes crypto has a bullish outlook. He expects volatility to rise and volume to reach previous highs.

He stated that the bitcoin daily candle Bollinger Bands were now tightening in a manner similar to July 2020. This resulted in explosive price action. We believe bitcoin will grow instead of shrinking, with more institutions announcing crypto trading and research departments, sovereign countries adopting bitcoin as their currency, and miners moving into more democratic nations.

According to Trade the Chain, Bitcoin derivatives reached a peak of $230 billion in May and then declined to $45 billion by July 9.

Mancini stated that one of the positive news stories from the derivatives markets was that the ratio of bitcoin options to be called is 0.60. This is down from 0.65 in June. This means that traders are becoming less bearish over the coming months.

Bitcoin (BTC) regained 11 percent on Thursday, trading in $34,029 at press time.

What Happened: The planet’s apex cryptocurrency had grabbed the 41,000 mark earlier this month although the rally has muted, with Bitcoin diving to under the key $30,000 amount this past week.

Ethereum (ETH) traded 5.6percent greater at $1,341.53 at press time. The cryptocurrency also had struck on an all-time large last week prior to agreeing.

What Is Impacting The Cryptos? The spike in Bitcoin comes following a much-higher fascination observed in a small joke cryptocurrency named DogeCoin.

DogeCoin has soared 514 percent at the 24 hours leading up to media at $0.05 and can be near to connecting the best 10 crypto-club, concerning market capitalization.

Reddit neighborhood SatoshiStreetBets’ members ‘ are calling for pushing a comparable at DogeCoin’s cost as fellow community WallStreetBets’ associates have completed for shares such as GameStop Corp.. (NYSE: BB), also Nokia Oyj (NYSE: NOK).

(NASDAQ: TSLA) CEO Elon Musk supplied a increase into DogeCoin with a few of his trademark meme-tweets.

Bitcoin generally dictates the broader price moves for the cryptocurrency marketplace, using its overpowering 63.5percent dominance of this market capitalization. It is, nevertheless it is possible that the apex cryptocurrency is profiting from the spillover effects of Musk inducing the DogeCoin rally.

On the week, DogeCoin is not the sole cryptocurrency to outperform Bitcoin, together with decentralized fund, or DeFi, coins likewise hitting all-time highs.

Ethereum also got an increase from Reddit declaring a venture using Ethereum Foundation, a nonprofit company funding the cryptocurrency and also the namesake blockchain platform.

SkyBridge Capital’s Anthony Scaramucci said before this week he watched the Reddit-driven GameStop rally for a positive background for Bitcoin.

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