Over the Past 24 Hours Alone, Bitcoin Processes Approximately $7 Billion in BTC Transactions
Over the last 24 hours, as if to illustrate this fact over the last 24 hours, approximately $7 billion worth of Bitcoin transactions have been moving on and off chain over this time, amounting to more than 1.3 million BTC moving from person to person and various addresses over this time.
With every single hour, there was more than a quarter of a billion dollars moving to various users and addresses, with the median transaction coming to $100 and the average reaching $22,000, demonstrating that there's a lot of institutional buying and selling going on amidst the transactions.
This means that there were as many transactions taking place through Bitcoin that were worth less than $100 or more.
Along with the rough average Bitcoin transaction equallying $22,000, what shouldn't be left out . are some of the largest transactions taking place over this past 24 hours. Among them, they moved amounts of $850 million, roughly equivalent to 165,000 Bitcoin, which is 10 percent of the entire smaller range of transfers.
What we may be seeing from these smaller transactions are that they are not coming from cryptocurrency exchanges or larger entities like Over the Counter Trading and institutional investment, but from regular individuals making use of Bitcoin in a commercial way, for international payments as well as to exchange varying amounts of value.
BitPay is one of the examples we can think of as a company, which holds and manages a significant amount on a monthly basis. According to its Chief Operating Officer, Sonny Singh, the company had, over the last year, seen its merchants handle approximately $10 million per month in Bitcoin payments.
Then we have large-scale transactions taking place within organizations like Bitcoin Suisse, Coinify and Coinbase Commerce, which complete an incredible amount of Bitcoin merchant payments on a daily basis.
Much as previously discussed, international remittances as well as payments are massive area of transactions for Bitcoin. In spite of being slower than some of its counterparts in the cryptocurrency world, Bitcoin transfers are still far faster than taking the conventional approach through banks, and less costly than using Nostro Accounts.
While it is relatively challenging to get conclusive statistics, there are some other proxies that can serve as close enough indicators. These would include the peer to peer exchange service – LocalBitcoin – which, while not being a wholly accurate source of information, were we to compare them to centralized exchanges, the metrics can be a much-needed revelation.
What it reveals about some of the developing areas of the world, for example, such as Kazakhstan, is that it is breaking all-time high records for the region in terms of cryptocurrency mining. While this simply involves the mining of 26 BTC, it does demonstrate that there's a crypto rush going on there that is likely to increase over time.
In comparison, Russia, in spite of having an adversarial approach towards Bitcoin and cryptocurrencies, is topping LocalBitcoin in terms of volumes, hitting around 3,000 per week, which makes for a total value of $15 million, with exception to value fluctuations. This volume is more than double that which comes from the United States or the European Union.
The reasoning behind this spike remains relatively unclear, but the fact that the Russian Federation's current attempts at bypassing international sanctions could be the real use case, with Russia making use of cryptocurrencies to get past a cumbersome banking system.
While there are several reasons for this uptick in trading volume, speculation is one of the dominant elements of this influx and circulation of some $7 billion worth of on-chain transfers. And it may well be the case that a large number of these transactions are over the counter. Regardless, it represents a monumental amount of economic activity.
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