Bitcoin blockchain activity has plummeted in recent months

Date:
Fri, 08 Jul 2022 15:23:21 +0000

Description:
Only serious Bitcoin users remain, and they're stacking.

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Between rising inflation, fear of a recession, the return of Covid, the war
in Ukraine, and the relentless supply chain disruptions, the global markets are in a state of fear, and are assuming defensive positions.

This has also reflected on the Bitcoin blockchain, whose activity has reduced modestly over recent weeks, according to a new report by Glassnode. The on-chain market intelligence firm says network activity is now at levels similar to those occurring during the deepest bear phase in 2018 and 2019.

It appears that a near complete purge of market tourism has taken place, Glassnode said in a report . Whales and Shrimps keep stacking

But declining blockchain activity is not the only argument that casuals have almost entirely abandoned the cryptocurrency market. It also says that die-hard Bitcoin fans remain in high conviction, as exchange balances are draining at historically high levels, while both Shrimps and Whales are increasing their positions meaningfully.

Whales are entities (individuals or companies) with large bitcoin holdings, while Shrimps are those striving to become Whales.

This year, the cryptocurrency market has been going through a full-blown crypto winter. The bear market is in full swing. Since November 2021, when
the price of Bitcoin hit an all-time high of around $69,000, its been nothing but downhill since then.

At one point, the price recorded eight straight weeks of price declines, something thats never happened in the tokens history. Read more

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The Terra/Luna collapse, Three Arrows Capital fiasco, followed by the Chapter 11 bankruptcy of Voyager, Vauld being acquired by Nexo, Celsius suspending withdrawals, have all done nothing but instill more fear in the market, and pushed the price of bitcoin even further down.

At one point, the cryptocurrency fell to $17,000, below its previous all-time high of around $19,000, something that also, never happened before.

In the last two days though, it has gained some ground, rising by almost 10%, to $22,000. Whether this signals a trend reversal, or if its just a dead cat bounce, remains to be seen. These are the best small business servers right now



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Link to news story: https://www.techradar.com/news/bitcoin-blockchain-activity-has-plummeted-in-re cent-months/


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