Crypto News | Bitcoin Trading Volume Lowest in Two Years

The price of Bitcoin is tanking once again. Currently, one BTC hovers around $10,540, a far cry from last week, when many expected it would graze $12,000. The price dropped by close to $900 in just one day, almost 8%. However, even when Bitcoin was looking bullish, there was one major concern everyone talked about: Bitcoin trading volume. On February 26, 2018, there were 180,000 confirmed BTC transactions, while on March 4, the number crawled to 195,000. This Bitcoin trading volume is shockingly low, especially when you consider the fact that the last time BTC reported these numbers was exactly two years ago, in March of 2016, when Bitcoin was worth around $400. What is particularly baffling, however, is that transaction fees are very low, which should facilitate transactions.

According to data provided by Google Trends, public interest in Bitcoin is also on the decline. People are just not googling the term” bitcoin” anymore, at least not as much as they used to. Google searches are at 16% of what they were on December 17, the same as in October of the same year.

It is possible that Bitcoin has hit a certain plateau, and that a large portion of the population is already informed, so now the numbers are more consistent. Or maybe people are turning their gaze towards new cryptocurrencies. One such cryptocurrency, the Venezuelan petro, has been in the spotlight since January. And now it is filling the headlines once more. Directly opposing president Maduro’s policies, Asamblea Nacional, one of two lawmaking bodies in Venezuela, declared the petro unconstitutional and illegal under the country’s laws. The politicians were very harsh, calling the project a fraud and a danger to all investors.

Here’s hoping that the proposed Chinese digital currency does a better job. Yao Qian, who is in charge of researching digital assets and novel payment methods for the People’s Bank of China, said that any digital currency issued by the country’s central bank should be modeled after cryptocurrencies on the market today. Among some elements he felt that a central bank-issued digital currency (CBDC) should incorporate, Yao pointed out increased privacy, the use of wallets, a dual-key mechanism, and even a certain degree of anonymity.

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Author: Max Rothstein

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