According to research firm Blockchain.info, transactions plunged from seven-day average of almost 400,000 in mid-December to about 200,000 this week. Earlier this year, when bitcoin price fell by more than 60 percent from its recent peak, a lesser noticed bitcoin also plummeted: the number of daily transactions. Even when Bitcoin price had a 50 percent return since Feb.5, the number of daily transactions has not recovered. This left investors wondering if the cryptocurrencies is declining in popularity. Since it peaked in December, the average number of daily exchanges has decreased by half and touched its low in two year last month, even when bitcoin recovered to $10,000. Transactions data may be bad news for Bitcoin Bulls, according to Charles Morris - chief investment officer at Newscape Capital Group, London and also a cryptocurrencies investor. “We had a hype cycle and now it’s getting cold”, Morris said. “It is possible that we are entering a bear market”. However, with the above information, we can still expect a growth in others altcoin.
BITCOIN mining is banned due to its great demand for electricity
Mining Bitcoin and other cryptocurrencies demands a huge amount of electricity, which is greater than the energy needed for the whole system of electric vehicle in 2015. Morgan Stanley’ note stated that Bitcoin mining could use more electricity in 2018 than the entire Argentina. Based on the calculation, electricity needed to mine Bitcoin could be more than is used by the whole system of electric vehicle by 2025. It also said that power for bitcoin mining has already been estimated to use more than 159 countries in 2017. SlashGear claimed that cryptocurrency-related activities can be seen in Plattsburgh, New York (USA), a small town with low-cost electricity. In order to take advantage of the low-cost electricity, mining cryptocurrenies blooms in this area, soon becoming a threat to the city. Cryptocurrency mining uses a huge amount of electricity to operate the system days and nights. It poses a threat to the crypto environment. In Plattsburgh, it also does harm to the consumption and electricity price. Plattsburgh, whose residents are a quick jaunt from the Canadian border, has put an 18-month moratorium on cryptocurrency mining to preserve natural resources, the health of its residents, and the “character and direction” of the city.
After its skyrocket increase, hitting $20,000/BTC in the late months of 2017, this cryptocurrency responded to the excitement of investors with a disappointing fall in the first months of the new year. Bitcoin has yet been able to recover 50% of its peak as the Crypto market is still fluctuating. Bitcoin value has fallen below $ 7,000, recorded on 2nd April. The whole market is sunk in red. Kyle Salmani, the founder of crypto-currency fund Multicoin Capital, which manages $50 million (41 million euros) of private cash, said: "This is a healthy correction after an exuberant 2017." However, Kyle Salman does not bet on Bitcoin's return. In another perspective, Jordan Hiscott, investment manager at the Ayondo Markets online platform, added: "certainly the halcyon days of performance gains from 2017 seem long gone." According to Coinmarketcap, Bitcoin makes up only 40% of trading volume in the Crypto Market Exchanges while the number was up to 80% just a few months ago. The keyword “Bitcoin” also has a low weekly number of Google search. Bitcoin market will continue to fluctuate based on investor sentiment "I wouldn't be surprised to see prices fall to $5,000 from here or go back above $10,000," said Craig Erlam, an analyst online currency trading platform Oanda. The majority of Bitcoin holders still keep their faith and are hoping for a dramatic change in Cryptocurrency market
HOT: “Russian nuclear engineers arrested for using state supercomputers to mine Bitcoin”
Two engineers of the Russian Nuclear Center have been caught using one of the facility’s supercomputers to mine Bitcoin. This sad story took place in the top-secret Federal Nuclear Center in Sarov, western Russia, where the first nuclear boom was produced during the Cold War by Russian scientists. It should be noted that the Nuclear Center in Sarov cannot be found in any maps. This is one of the top-secret centers, totally separated with the rest of Sarov. Any one who wishes to enter the area must acquire a special permit. The Russian Federal Nuclear Center is located in an isolated town with about 20,000 officers. The center launched its new supercomputer with the capacity of 1 petaflop (the capacity to process one thousand million million operations per second) in 2011. For security reasons, this supercomputer was not intended to be connected to the Internet. It is recorded that two engineers of the Russian Federal Nuclear Center used this supercomputer to mine Bitcoin. Right after these engineers attempted to connect the supercomputer to the Internet, the Federal Security Service of the Russian Federation was alerted and the engineers were caught and detained in time. Coin mining is a method to get free digital coins without the need of purchasing. Of course, it will require other expenses. The stronger your computer is, the higher chance you can mine coin. The Russian supercomputer is obviously too suitable for this operation.
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Analyst Two Lower Boundaries Protect Bitcoin From New Lows
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