Bitcoin and Ethereum subscribers on Reddit reach all-time high

Quick Take

  • The r/Bitcoin and r/Ethereum subReddits hit an all-time high last week regarding the number of subscribers.
  • This comes as both subReddits went dark in protest against new API fees on Reddit.

Two of the top crypto communities on Reddit — r/Bitcoin and r/Ethereum — reached a new all-time high last week in terms of the number of subscribers.

There were over 364,000 new subscribers to the r/Bitcoin subReddit and 461,000 new subscribers to the r/Ethereum community during the week of June 4 to June 11. This was during the week that saw the two biggest crypto exchanges, Binance and Coinbase, getting sued by the United States Securities and Exchange Commission. The subReddits r/EthTrader and r/Cryptocurrency also saw a surge in subscribers, according to The Block's Data Dashboard.

The surge resulted in the total number of subscribers in r/Bitcoin going above 5 million and r/Ethereum reaching over 2 million subscribers.

Bitcoin and ether have also remained relatively stable in price compared to other tokens that have been described as unregistered securities in the SEC lawsuits against Binance and Coinbase. Bitcoin and ether — the two largest cryptocurrencies by market capitalization — were not implicated as securities in the lawsuits.

Yesterday, several crypto subReddits, including r/Bitcoin and r/Ethereum, went private for at least 48 hours to protest the site's new API pricing terms. The blackout came reportedly after Christian Selig, the developer for a popular third-party Reddit app called Apollo, said he would sunset his business because of Reddit's proposed pricing changes, which would cost him millions of dollars.

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