The usage of bitcoin has plunged to a two-year low in the last couple of days, with only 250,000 transactions occurring per day in the last few days, as revealed by the founder and the CEO of Quantum Economics, Mati Greenspan. The short term prediction for the leading cryptocurrency is quite bearish.
Bitcoin usage has dipped significantly in the last few days. Just 250k transactions per day. The lowest level since December 2018. pic.twitter.com/1QSL4QJtv7
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) March 31, 2020
Bitcoin continues to consolidate at a critical stage.
At the time of writing, the price of bitcoin is trading just above the $6,300 mark, 1.5% down in the last 24-hours. The price of the leading cryptocurrency has been consolidating at a critical zone over the last week as it continues to hold support above the $6,200 mark. Bitcoin has been highly volatile since March 13, when the price plummeted to historic lows.
One of the worst months for bitcoin comes to an end.
March 2020 was the worst month for bitcoin since February 2018 as the price dropped to historic lows amid the global pandemic. But still, it managed to outperform traditional financial markets in this quarter. Coronavirus outbreak has caused the financial markets to crash all over the world, and it also had a significant effect on the price of bitcoin. Several governments announced stimulus packages, but markets failed to gain positive momentum as the coronavirus continues to spread.
