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According to The Block’s Data Dashboard, the seven-day moving average of daily bitcoin transactions fell to 217,000 yesterday. The last time this number was this low was on August 31, 2018.
This drop in daily trading comes as the bitcoin price hovers around the $36,000 mark, down 44% from its recent high at $64,000. Speculation about the cause of the price drop has ranged from tweets by Tesla CEO Elon Musk to the crackdown on bitcoin miners in China.
Other on-chain metrics are also affected. The number of daily active addresses on the Bitcoin network — which is also a seven-day moving average — fell to 940,000 yesterday, in line with levels last seen in May. The number of new addresses per day also fell to 372,000, back to March levels.
As a result of both a price crash and reduced volume, on-chain volume in dollars fell from $17.3 billion per day to $7.7 billion — a 55% drop.
On the plus side, bitcoin transaction fees are plummeting, making the network cheaper to use. The average fee dropped from 53 to just $7, down 87%.
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