Silvergate’s Clearing Impacts Bitcoin Transaction Volumes
On March 9, data from CryptoQuant showed that due to the impact of Silvergate\’s clearing on the market, the volume of transactions denominated in Bitcoin fell …
On March 9, data from CryptoQuant showed that due to the impact of Silvergate’s clearing on the market, the volume of transactions denominated in Bitcoin fell by 35% in the past 24 hours. At the same time, the total number of transactions on the Bitcoin blockchain decreased by 17% and the number of active addresses decreased by 10% in the same period.
Silvergate clearing affects or significantly affects Bitcoin trading volume
Analysis based on this information:
On March 9, data from CryptoQuant revealed that Bitcoin transaction volumes fell by 35% in the past 24 hours. As per the data, the decline was due to the impact of Silvergate’s clearing on the market. This decline was alarming for the industry, as Bitcoin is currently the largest and most utilized digital currency. Its transaction volumes provide insights into the health of the cryptocurrency ecosystem.
Silvergate is a prominent U.S. cryptocurrency-friendly bank that provides banking services to various cryptocurrency exchanges and institutional investors. It has a significant impact on the market, given its massive user base in the digital currency industry. CryptoQuant is a popular cryptocurrency analytics platform that tracks transaction volumes and provides insights into market trends.
The decline in the volume of Bitcoin transactions demonstrates the increasing influence of centralized entities in a decentralized ecosystem. The Bitcoin network was designed to operate without the need for intermediaries, such as banks, and this phenomenon undermines the ethos of the network. However, it also highlights the significance of institutional adoption in the cryptocurrency industry.
Notably, the total number of transactions on the Bitcoin blockchain also decreased by 17%, while the number of active addresses dipped by 10%, indicating a widespread impact on the network. Active addresses refer to the number of unique addresses involved in a transaction. A decrease in this metric further emphasizes the impact of Silvergate’s clearing on the market.
In conclusion, the decline in Bitcoin transaction volumes due to Silvergate’s clearing highlights the growing significance of institutional adoption in the cryptocurrency industry. It also underscores the need for decentralized solutions within the ecosystem. As the industry continues to evolve and mature, it will be interesting to see how decentralized networks navigate ongoing challenges from centralized intermediaries.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/8774/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Snap sets up AR enterprise service department to sell its AR technology to enterprise customers for the first time
According to reports, Snapchat\’s parent company, Snap, established a new department on Thursday that will help other companies build augmented reality features for their websites o
-
US Stock Indexes Wrap Up Higher: Analysis and Impacts
According to reports, the three major US stock indexes collectively closed higher, with the Dow up 1%, the Nasdaq up 1.79%, the S&P 500 up 1.43%, and most large tech stocks rising.
-
Which Currency Has Potential Now?
Summary of currencies with potential: Bitcoin recently broke through $20,000, wi
-
Options Expiry and Maximum Pain Points of BTC and ETH
On February 23, according to Deribit data, option contracts with more than 1.85 billion US dollars BTC and 870 million US dollars ETH will expire for delivery …
-
Our Approach to AI Safety: Ensuring the Security of AI Models
According to reports, ChatGPT developer OpenAI has published an article titled \”Our approach to AI safety\” on its official blog, introducing the company\’s deployment to ensure the
-
Merit Circle Collaborates with Walker World to Enhance Gaming Experience Through Innovative Technologies
On March 14, the chain game association Merit Circle announced its cooperation with the large open world adventure and multiplayer game Walker World, and invested 750000 dollars in Walker World. Walker World is supported by Fantasy Engine 5, which can provide dynamic game experience through HD graphics. The team is committed to providing games that integrate AR, VR, blockchain and other technologies. Merit Circle, a chain game association, invested 750000 dollars in Walker World, a Web3 game Analysis based on this information:Merit Circle, a chain game association, recently declared its collaboration with Walker World- a popular open-world adventure and multiplayer game. In this partnership, the Merit Circle invested $750,000 to fund Walker World. The game employs Fantasy Engine 5, a technology known for providing an immersive gameplay experience through its high-definition graphics. The Walker World team is dedicated to delivering innovative gaming experiences by integrating advanced technologies such as augmented reality (AR), virtual reality (VR), and blockchain. With the integration…
-
Router Protocol Will Launch Router Chain to Solve Cross-Chain Communication Problem
On February 22, the blockchain infrastructure company Router Protocol will launch the Layer 1 blockchain Router Chain to solve the cross-chain communication pr…
-
Understanding the Impact of the Ethereum Shanghai Upgrade on the ETH Pledge Market
According to reports, according to Token.Unlock data, since the completion of the upgrade of Ethereum Shanghai, approximately 1.37 million ETHs have been released from pledge, appr
-
Obol Technologies Introduces Distributed Verifier Technology to Enhance Ethereum Security and Flexibility
It is reported that Obol Technologies introduced its distributed verifier technology into the main network of Ethereum for the first time in the internal alpha…
-
What currency is lbtc (is lbt currency legitimate)
What currency is lbtc? What currency is LBtc. It is a Cryptocurrency platform website and a decentralized exchange, which aims to solve the most urgent payment problem – cross-border remittance by applying blockchain technology to the financial industry According to the official website, LBTCoin is the first community owned and operated digital asset trading network in the world, and the only token without ICO (Initial coin offering) or other forms of circulation. Users can send, receive, and hold various types of tokens between different wallets on their platform, and use these tokens to redeem or make purchases with these funds Is lbt coin formalRecently, LBT coin founded by well-known blockchain investor Li Xiaolai has caused a lot of media reports and hot discussions in a short time According to the information disclosed in relevant news, multiple media outlets have questioned the hype of this project, calling it “false information”, and its promotional content does not match the actual situation; Even…
-
Serious Security Vulnerabilities in Apple’s Operating System Discovered by Kaspersky: Update Urgently
On April 18th, it was announced that Kaspersky, an antivirus software, had once again discovered a very serious vulnerability in Apple\’s operating system. Attackers can gain root p
-
Bitfinex Launches LDO – A Token for Lido DAO Governance
According to the official announcement, Bitfinex has announced the launch of the native governance token LDO for Lido DAO. The deposit service will be open around 10am UTC on April
-
Bitcoin and Ethereum lead the way as the crypto market rebounds
According to reports, according to Coinglas data, the entire network has sold out 181 million dollars in the past 24 hours. Among them, Bitcoin sold out $57.53 million and Ethereum sold out $36.75 million. Over the past 24 hours, the entire network sold out $181 million Analysis based on this information:The crypto market has been showing signs of growth and resilience in recent weeks. According to Coinglas data, the network has successfully sold out a total of 181 million dollars within the past 24 hours alone. This is a sharp contrast compared to the bearish trend that gripped the market earlier this year. Bitcoin, the world’s most famous cryptocurrency, contributed an impressive $57.53 million to the 24-hour sales. This comes as no surprise as the coin has been experiencing significant gains in price in recent weeks. Bitcoin’s price has been on a steady increase since the start of the year, jumping from $29,000 to over $63,000, an all-time high for…
-
Introduction
On April 7th, Alibaba Cloud announced that it will invite users to test and experience its self-developed large model \”Tongyi Qianwen\”. At present, the model mainly invites enterpr
-
Why can only use a graphics card for ETH (why should ETH be replaced with USDT)
ethWhy can only use graphics cards Editor’s note: This article is from Caiyun Blockchain (ID: cybtc_com) and is authorized to be reprinted by Daily Planet Vitalik Buterin, the founder of Ethereum, released a video on Twitter, in which he explained the fundamental reason why eth can only use video cards for mining: “If you want to dig ETH, your GPU can’t support the Eth2 smart contract” This passage means that “I wrote it as an ERC-20token.” If we use a smart contract based on the Ethereum protocol, you must have 32 ETHs and 4 RTX3060Ti video memories to run a smart contract. So now this situation has changed… and it may take a few years to fix it. In fact, there are currently two main solutions for ETH’s ecosystem. The first solution is to expand the functionality to make ETH a universal digital currency; The second method is to directly purchase Bitcoin, Litecoin or other encrypted assets from users Although…
-
Blur Ethereum Leads the Pack in NFT Market Destruction Volume
It is reported that the destruction volume of Blur Ethereum, the aggregator in the NFT market, has reached 8625.91 ETH, surpassing that of Arbitrum (8281.46 ET…