Bitcoin on-chain volumes hit 10-month high in April

Bitcoin on-chain volumes in April denoted in USD have reached a 10-month high, Diar finds. Diar notes that the consistent on-chain volume swell over the last three months followed recent price rallies meaning there was little indication Bitcoin was spent in real use-cases and hence the transaction boost was likely largely due to speculative trading.

The amount of USD moved on-chain in April was over $130Bn, with the transaction volume coming close to that of June 2018, "when the price of Bitcoin averaged $7000 – 35% higher than today," Diar wrote. Still, when looking at on-chain volume figures by quarter rather than by month, there has been a consistent quarterly decline in on-chain activity for Bitcoin since Q4 2017; the heart of the bull run. Q1 of 2019 recorded a 35% decline relative to the last quarter.

AUTHOR

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

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