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May 19 bitcoin-dollar volumes set records on some markets accessible to U.S. investors.

May 19 was the worst day bitcoin has seen this year and left some watchers wondering: did it destroy bitcoin’s narrative? The answer is, for those watching closely, it likely strengthened it.

Here’s why: bitcoin proved itself on Wednesday when it saw its second biggest volume day of the year, and market infrastructure did not break. Some exchanges suffered outages, but liquidity was available, as spot volumes show. Moreover, while a drop of over 30% may be dizzying for new buyers high on hopium, such events are not uncommon in bitcoin’s bull-market history.
The chart above shows bitcoin-dollar volume on the 11 exchanges that are eligible as components of the CoinDesk Bitcoin Price Index (XBX). That means these markets are accessible to U.S. investors, have transparent ownership and do not place limits on bitcoin or dollar withdrawals, among other criteria.

The chart shows how the May 19 selloff compared, in bitcoin terms, to volume traded in the Jan. 10 selloff, as Dogecoin and GameStop mania peaked on Jan. 22, and during a second sell-off in February.
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