Bitcoin Chain Activities See Significant Increase Amid FTX Bankruptcy
It is reported that according to the latest data from Glassnode, a blockchain analysis company, the activities on the Bitcoin chain have increased significantl…
It is reported that according to the latest data from Glassnode, a blockchain analysis company, the activities on the Bitcoin chain have increased significantly. Since the surrender event triggered by the FTX bankruptcy, the monthly average number of new addresses added to the Bitcoin network has exceeded the annual average, and the total number of non-zero balance addresses has been pushed to a record high of 44.06 million addresses, indicating that the recent use of Bitcoin network has a short-term rise.
Ordinals and Descriptions promote the increase of the activity on the Bitcoin chain: the total number of non-zero balance addresses rose to 44.06 million ATHs
Interpretation of the news:
According to a recent report from Glassnode, a blockchain analysis company, the activity on the Bitcoin chain has increased significantly in the wake of the FTX bankruptcy. Over the past few months, the average number of new addresses added to the Bitcoin network each month has exceeded the annual average. This marks a significant increase in the short-term usage of the Bitcoin network.
Furthermore, there has been a push to a record high with a total number of non-zero balance addresses standing at 44.06 million addresses. This indicates that more people are actively using Bitcoin for transactions and purchases in the aftermath of the bankruptcy event.
One possible explanation for this increase is that people may be seeking alternative financial solutions in the face of ongoing economic uncertainty. Traditional currencies and financial markets have been under immense pressure in recent months, with political turmoil and the ongoing COVID-19 pandemic leading to unstable market conditions.
Many investors and traders may see Bitcoin as a safe-haven asset with strong growth potential. In addition, the advent of new technologies and investment vehicles has made it easier than ever before to invest in cryptocurrency.
Another possible explanation is that the FTX bankruptcy served as a wake-up call for investors, alerting them to the potential risks associated with any kind of financial investment. The increased activity on the Bitcoin chain suggests that investors are looking for ways to diversify their portfolio and mitigate risk.
In conclusion, it is clear that the recent increase in Bitcoin chain activity is a response to the ongoing economic uncertainty and the FTX bankruptcy event. While it remains to be seen how long this trend will continue, there is no doubt that the use of cryptocurrency will continue to be an important topic for investors and traders alike.
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