Owing to the historic inflation, Q3 has been painful for Bitcoin. The largest cryptocurrency by market cap appears to have largely lost its inflation hedge and store-of-value narratives in the market. According to Messari’s new report, the demand for block space fell, resulting in a decline in Bitcoin’s transaction count and fees by roughly 3% and 23%, respectively. The average daily value settled also plunged 44% QoQ.
Bitcoin price action has been swayed similarly to that of a high-beta US tech equity instead of serving as a “store of value.” Potential hints of an uptrend were also damaged as the Federal Reserve resorted to a more conservative regime with lower liquidity and higher rates. Amidst a risk-off macro environment, Bitcoin was down by over 70% since hitting a peak a year ago.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BTCTN - 🏆 531. / 51 Read more »