Daily bitcoin transactions drop to nearly 3-year low

Amid a sharp correction across cryptocurrencies, the number of daily transactions on the bitcoin network has fallen to a nearly three-year low, The Block reported.

The seven-day moving average of daily bitcoin transactions dropped to 2,17,000 on June 7, the lowest levels observed since August 2018.

According to the report, other on-chain metrics have also taken a hit. The seven-day moving average of daily active addresses on the bitcoin network fell to 940,000 on June 7 (1-month low), while the number of new addresses per day has also dropped to 372,000 (March 2021 levels).

The waning interest in the premier cryptocurrency comes at a time when prices have corrected nearly 50 percent from their recent high of $64,000.

At the time of writing this copy, bitcoin was trading at $32,728.20, down 9.48 percent on coinmarketcap.com. It touched a 24-hour low of 32,494.12 and a 24-hour high of $36,744.22.

The fall in the crypto market has been broad-based. Other popular coins such as ether and dogecoin were down 2-6 percent, while binance coin, cardano, XRP dropped in double-digits.

The global crypto market cap is at $1.49 trillion, down 10.22 percent from the previous day. It has fallen more than $1 trillion since May 2021.

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After the landmark rally in 2020, which seemed to have only picked up in the opening months of 2021, the bull run in cryptocurrencies came to a withering halt earlier last month. Speculations of a bubble, Tesla's alleged split with bitcoin and China's crackdown on miners in the backdrop of regulatory intervention may have marked the end to bitcoin's bull run.