Bitcoin On-Chain Activity Throttled After LUNA Collapse
25 Mayo 2022 - 6:00PM
NEWSBTC
Bitcoin on-chain activity has fallen into the red after the
infamous LUNA collapse. The collapse had no doubt reduced faith in
the cryptocurrency market and has seen investors significantly
reduce their activity in the space. This has led to losses across
the board for miners as fee revenues, transaction volumes, and
transaction values have all plummeted, all of which have seen daily
miner revenues fall towards yearly lows. Bitcoin On-Chain Activity
Declines The previous week had seen on-chain activity ramp up
during the height of the LUNA collapse. Mostly, this had been to
investors scrambling to move their coins to avoid being affected by
the downtrend that followed. As well as exchanges needing to
restructure their bitcoin wallets following the carnage which had
seen activity rise. Related Reading | Eight Consecutive Red
Closes: Is Bitcoin Headed For A Recovery? Due to this, there had
been a significant jump in the transaction volumes as well as the
average transaction. Although this did not translate to more
revenue for miners, recording a 21.85% fall from the prior week.
Miner revenues were even worse last week following the LUNA crash.
It recorded an additional 7.95% loss that brought daily revenues to
$25.5 million. The last time revenues were this low had been in
July of 2021. Mining difficulty reaches all-time high | Source:
Arcane Research With the market settling from the crash and the
exchange wallet restructurings done, on-chain activity has now
returned to normal levels. What this resulted in has been a 44%
collapse from the previous week and daily transaction volume is
down almost 50% from last week’s levels. Mining Difficulty Back Up
The bitcoin mining difficulty had been going down for the last
couple of weeks, which had seen the block production rate surpass
the 6 blocks per hour goal about three weeks ago. What followed was
a correction in the mining difficulty that brought the mining
difficulty back up. The adjustment has seen block production fall
well below the target to be sitting at 5.64 blocks per hour. BTC
declines below $30,000 once more | Source: BTCUSD on
TradingView.com The percentage of revenue made up by fees had also
dropped 0.69% from the prior week to 1.81%. This was expected
seeing that the fees per day had recorded a 33.48% decline in the
same time period. Transactions per day were also down 6.185 to
252,532 daily transactions. Related Reading | Bitcoin,
Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over
Bitcoin’s price had also taken a huge hit that had contributed to
the decline in daily miner revenues, alongside the decreased block
production rate which is now at an all-time high. An adjustment is
expected on Wednesday that will likely reduce mining difficulty by
4% and 5%. With this, the block production rate is expected to
increase and if the price of the digital asset does mirror this
move, then miners may see a significant jump in revenues this week.
Featured image from Seeking Alpha, charts from Arcane Research and
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