Bitcoin Exceeds One Million Daily Active Addresses
By Mark Lemon – Cryptocurrency Professional
On June 14th, according to CoinMetrics, a blockchain statistics website, Bitcoin officially surpassed one million daily active addresses in which these users access their wallet daily to buy and sell Bitcoin.
On June 15th, Kevin Rooke, a Twitter user pointed out the present number of daily active on-chain addresses, which resulted in mixed reactions from the audience. One Twitter user mentioned that there is a difference between using it and trading it with either buying or selling Bitcoin.
Another user-contributed these numbers of on-chain transactions to mixers, but didn't consider the fact that even if an increase in mixer use were responsible for the escalating active address numbers, it would still indicate that people are using Bitcoin. Some users claim that the crypto giant is only warming the seat for Libra, Facebook's cryptocurrency and blockchain:
“We are just getting the seat warm for Libra.”
Others claimed that Bitcoin's adoption is getting weaker as Cointelegraph reported last August:
“Yeah, it's getting used so much that merchant adoption is...decreasing.”
As JPMorgan Chase told Cointelegraph earlier, he believes the Bitcoin industry has changed significantly ever since 2017, likely due to an increase in the high volume and institutional interest of Bitcoin future transactions. More and more institutions have looked to get involved with buying and selling crypto which further legitimises the industry.
Coinbase Custody's (a cryptocurrency custody firm focusing on institutions) official Twitter account revealed that it has $1.3 billion in Assets Under Custody (AUC) and is expected to reach $2 billion AUC soon. This suggests the crypto markets are still growing exponentially and many institutions will require custody services for their coins. These institutions are likely to sell Bitcoin and cash out crypto straight from the custody service.
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