Bitcoin Network Moves $3 Billion Daily Getting Up 210% Since April

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Coinmetrics’ data shows that Bitcoin broke the $3 billion daily average mark on July 11, when the coin was circling the $11,500 price point. Despite some rough trading at $2,000 lower, having taken a steep 11.4% hit on 17 and over 24% on the week, average daily transaction value has continued to climb.

As per commentators, the coin’s short-term downtrend is triggered by an antagonistic response to the United States government to Facebook’s Libra coin that extends to the cryptocurrency space more broadly. Peter Brandt, a Veteran trader anticipates a correction in the  total market cap as much as 80%, yet as per him the most of the damage will be shouldered by altcoins, not Bitcoin.

Bitcoin’s hash rate reportedly hit a new all-time high of 65.87 EH/s on July 7. Nevertheless, despite the week’s price fluctuations, this figure has continued to soar north, reaching almost 73 EH/s to press time.

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