Chainalysis Research Confirms Bitcoin Usage Suffers From the Coronavirus
During a global pandemic such as the coronavirus, some people expect the use of Bitcoin to increase globally. So far, that has not been too apparent, albeit it seems that the way Bitcoin is used is undergoing some changes.
Bitcoin has not been at the forefront of too many discussions lately.
Bitcoin Isn’t Doing Terrible
Most people expected the world’s leading cryptocurrency to come out on top when the stock markets crumbled.
That was far from the case, as Bitcoin still struggles to break $7,000 in a convincing manner.
New research by Chainalysis seems to confirm how people are using differently during the coronavirus crisis.
Not only is the darknet usage of BTC on the decline, it seems this dip affects other aspects as well.
Merchant transactions involving Bitcoin are dropping, which is only normal.
People are less eager to spend Bitcoin when there’s ample volatility and a chance for a price rebound.
Gambling with Bitcoin isn’t doing too hot either, but that is not necessarily something to be concerned about.
Gambling will always see its highs and lows, regardless of what goes on in the world.
The big question now is how things will evolve.
As Bitcoin mounts another price push, things could turn around very quickly.
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The post Chainalysis Research Confirms Bitcoin Usage Suffers From the Coronavirus appeared first on The Merkle News.
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JP Buntinx, Khareem Sudlow