New Study Reveals Bitcoin Market Seen to “Implode”, Low Volume in Transaction is Main Culprit
A study conducted recently by Juniper Research disclosed that the digital currency market faces the possibility of “imploding” and that volumes in electronic transactions are currently falling, according to a report by Bloomberg yesterday.
The report, called “The Future of Cryptocurrency: Bitcoin & Altcoin Trends & Challenges 2018-2023” Juniper reveald the major hurdles in bitcoin and other electronic money transactions, underscoring the technical, regulatory and social worries.
The study likewise took an in-depth look at key concerns such as changes in regulations across the bitcoin marketplace, hacking, blockchain forking and errors in exchange and their effect on electronic money volatility.
Transactions carried out on a daily basis, Juniper stressed, with Bitcoin (BTC) have fallen from an average of about 360,000 per day at end of last year, to around 230,000 in September this year. On daily transactions, it witnseed a downward trajectory from more than $3.7 billion to below $670 million in the same period.
For the first three months of 2018, bitcoin transactions in general hit slightly more than $1.4 trillion, while for last year, this number was below $1.7 trillion. By second quarter, transaction values dropped 75 percent, with total market cap below $355 billion.
According to Juniper in a report, it is projected that a 47 percent quarter-on-quarter decline in transaction values took place in the quarter.In other words, considering our worries around both the natural valuation of cryptocurrency and of the current market practices of many online exchanges, we feel that the industry is on the edge of an implosion.