Between rising inflation, fear of a recession, the return of Covid, the war in Ukraine, and the relentless supply chain disruptions, the global markets are in a state of fear, and are assuming defensive positions.
This has also reflected on the Bitcoin blockchain, whose activity has “reduced modestly” over recent weeks, according to a new report by Glassnode. The on-chain market intelligence firm says network activity is now at levels similar to those occurring during the “deepest bear phase” in 2018 and 2019.
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“It appears that a near complete purge of market tourism has taken place,” Glassnode said in a report.
Whales and Shrimps keep stacking
But declining blockchain activity is not the only argument that “casuals” have almost entirely abandoned the cryptocurrency market. It also says that die-hard Bitcoin fans remain in high conviction, as exchange balances are draining at “historically high levels”, while both...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...