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Bitcoin (BTC) Saw Serious Drop Off: What’s Happening?
Bitcoin, the world’s first and most valuable cryptocurrency, is witnessing a significant reduction in utility this May. For the first time since July 2021, less than 800,000 unique Bitcoin addresses are conducting transactions on the network each day. This decrease in network activity aligns with a broad-based market correction affecting Bitcoin prices and other digital assets. Interestingly, this drop-off in daily transactions has not led to a proportional decrease in Bitcoin’s price. Despite the recent downturn, Bitcoin’s value remains relatively high, demonstrating a level of price resilience amid shifting market dynamics.
Decrease in Daily Transactions
Bitcoin’s network activity is experiencing a notable decline, with fewer than 800,000 unique Bitcoin addresses participating in daily transactions. This decrease raises questions about the factors contributing to the reduced utility of Bitcoin and its impact on the broader crypto ecosystem.
Market Correction and Price Resilience
Despite the decline in daily transactions, Bitcoin’s price has shown resilience during the market correction. While the drop-off in network activity might suggest a negative sentiment, Bitcoin’s value has remained relatively high. This resilience…
