Coinciding with the latest Bitcoin correction…More than 1.1 million active addresses are registered on the Bitcoin network
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Answer Coinciding with the latest Bitcoin correction…More than 1.1 million active addresses are registered on the Bitcoin network
In the past 24 hours, more than 8% of the total crypto market valuation has been wiped out in an unexpected move, with the price of Bitcoin plummeting and losing a significant percentage of its value.
At the time of writing this article, the price of Bitcoin is still trading at $36,000.
The sudden drop in the price of Bitcoin made many investors behave differently.
While some traders exercised fear and converted their holdings in the world’s largest cryptocurrency into a stablecoin, other investors saw the drop in price as an ideal opportunity to consolidate their Bitcoin holdings.
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The Bitcoin network is experiencing a lot of activity:
According to Santiment, which tracks the activities of 2,000 cryptocurrencies, the massive decline of the world’s largest cryptocurrency has seen more than one million Bitcoin addresses transact on the Bitcoin network.
Santiment noted that a total of 1.17 million addresses were active on the Bitcoin network, which led to a series of transactions, including the buying and selling of the world’s largest cryptocurrency by market capitalization, as its price plummeted.
Notably, the increased number of active addresses registered yesterday represents the most interest on the Bitcoin network since December 2, 2021.
📊 After yesterday’s mid-volume correction, the dust is still settling # encrypt markets. # bitcoinThe Internet had 1.17 million unique active addresses transacting yesterday, the most benefit since December 2, 2021. 📈 pic.twitter.com/pUIh83gwGH
– Santimentfeed May 6, 2022
Currently, things seem to have settled in the market as the massive price volatility seen yesterday has subsided.
Meanwhile, Santiment’s analysis comes less than 24 hours after the Luna Foundation Guard (LFG) announced that it had bought $1.5 billion worth of bitcoin, to boost its stablecoin reserves.
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This move made LFG the second largest Bitcoin owner in the world after MicroStrategy.
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