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Bitcoin hits $40K after a 6-week absence, but on-chain activity is 'somewhat bearish'

Bitcoin hits $40K after a 6-week absence, but on-chain activity is 'somewhat bearish'
cointelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cointelegraph.com Daily Mail and Mail on Sunday newspapers.

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Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop

Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop
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Institutional investors aren't buying Bitcoin at 50% of all-time highs …for now

Institutional investors aren't buying Bitcoin at 50% of all-time highs …for now
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On-Chain Activity on Bitcoin Spikes as Transfer Volumes Surge

On-Chain Activity on Bitcoin Spikes as Transfer Volumes Surge
Last Updated: 27 April 2021
Bitcoin’s rough week has been marked by an increase in on-chain activity and transfer volumes. This data is according to metrics provided by Glassnode.
Glassnode, an on-chain analytics platform, has provided insights into the performance of the Bitcoin network. The report shows significant growths in several areas, including surges in on-chain transaction volume and fees.
#Bitcoin price continued to slide lower last week, as on-chain data signals a healthy shake-out.
We analyse:
– #Uniswap usage growth
Increase in BTC transfer volumes
The report by Glassnode also demonstrates that the increased on-chain activity resulted from congestion caused by the decreased hash rate. The network has also been under pressure from retailers who wanted to sell their Bitcoin after the crypto dropped to below $48000. It was the lowest price for the crypto since the beginn ....

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