The cryptocurrency market saw a rise in the price of most major cryptocurrencies, including Tezos [XTZ], Bitcoin Cash [BCH] and Litecoin [LTC], on April 15. The price of the largest cryptocurrency, Bitcoin [BTC] also remained above $5k and noted minimal growth. However, according to TrustNodes, almost $7 billion worth of BTC was moved on-chain over the past day with 1.3 billion Bitcoin in trade.
The report stated that over a quarter of a billion dollars was being moved every hour with “the average transaction value standing at $22,000, while the median is at $100”. Hundred largest transactions included movement of $850 million or 165,000 bitcoin. This is over 10% of the entire transfers that took place. The speculated identity behind this transfer was regular individuals using the cryptocurrency for international transfers, commerce or exchange value.
BitPay’s COO, Sonny Singh, in an earlier statement had noted that some merchants handle $10 million worth of transaction in Bitcoin payments in a month. Apart from Bitpay, there are other exchanges like Coinbase commerce, Bitcoin Suisse, and Coinify that indulge in Bitcoin merchant payments.
Apart from merchant payments, Bitcoin transactions take place internationally. Bitcoin transfers were notably high when it came to International payments as they were swifter alternatives to banks. The report said:
“Russia very interestingly tops Localbitcoin volumes at about 3,000 a week, worth circa $15 million, twice that of USA or the European Union.”
Although the reasons for this is not clear, bypassing sanctions could be an underlying use-case, avoiding the whole banking system.
Bitcoin [BTC], at press time, was being traded at $5,159.63 with a market cap of $91 billion. It noted a 24-hour trading volume of $11 billion, while noting a growth of 1.35% over the past day. Over the past seven days, BTC noted a dip 0.99%, but was strengthening as it noted a minuscule growth of 0.07% within an hour.
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