Bitcoin's price has lost 3.3% today to reach its current value of $6,250. As a result, it saw more than $4 billion wiped from its market capitalization in the last day, falling back to just under $114.5 billion.

Bitcoin is down 6.5% for the week and 27.5% for the month, as the cryptocurrency has failed to recoup the losses incurred following its a major crash earlier this month.

BTC price

Worse, fewer people appear to be using Bitcoin recently. The number of daily Bitcoin transactions has slipped in recent weeks. Since March 12, the number of Bitcoin transactions has fallen from 350,000 to just 290,000 yesterday—a decline of 17.2%.

A Digital Dollar isn’t a quick fix for coronavirus crisis. Image: Shutterstock.

A Digital Dollar isn’t a quick fix for coronavirus crisis

One of the directors of the Digital Dollar Project, a non-profit that promotes the implementation of a central bank issued, blockchain-based US dollar, said that a digital dollar isn’t a quick fix to the COVID-19 crisis. “It is not something that can be done in weeks,” David Treat, who’s also Accenture’s Blockchain Business and Director, told Ledger Insights.  A digital dollar, according to Treat, would involve “having it (dollars) be minted, if you will, through the Fed and Treasury, and then d...

NewsBusiness
2 min read
Robert Stevens

The number of transactions in the mempool—a place where all the unconfirmed Bitcoin transactions are stored—also declined significantly in recent weeks, falling from around 53,000 down to below 5,000 at times yesterday. This implies that fewer people are trying to make transactions

.At the same time, Bitcoin's daily trading volume has dropped from $47.4 billion to $35.5 billion—a reduction of 25%

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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