Daily bitcoin transactions drop to nearly 3-year low

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.

June 08, 2021 / 01:20 PM IST

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.

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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.

Click here to check cryptocurrency prices today 

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.
Moneycontrol News
first published: Jun 8, 2021 01:13 pm

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