Bitcoin Chain Reports Increasing Activities After FTX Bankruptcy

02/16/2023 01:00 • Tech Trends • 75 views

It is reported that according to the latest data from Glassnode, a blockchain analysis company, the activities on the Bitcoin chain have increased significantly. Since the surrender event triggered by the FTX bankruptcy, the monthly average number of new addresses added to the Bitcoin network has exceeded the annual average, and the total number of non-zero balance addresses has been pushed to a record high of 44.06 million addresses, indicating that the recent use of Bitcoin network has a short-term rise.

Ordinals and Descriptions promote the increase of the activity on the Bitcoin chain: the total number of non-zero balance addresses rose to 44.06 million ATHs

Analysis based on this information:

According to the latest data from Glassnode, Bitcoin chain has witnessed a significant surge in activities after the FTX Bankruptcy event. The data shows that the monthly average number of new addresses added to the Bitcoin network has exceeded the annual average. Additionally, the total number of non-zero balance addresses in Bitcoin has reached a record high of 44.06 million addresses, indicating a short-term rise in the use of the Bitcoin network.

The increase in activities on the Bitcoin chain is significant news for the cryptocurrency sector, and it reflects the growing interest in Bitcoin among users. One possible explanation for the recent spike in Bitcoin activities is that people are increasingly using Bitcoin as a store of value, given the current economic climate.

The current COVID-19 pandemic has caused unprecedented economic uncertainty in the world. Countries have printed a significant amount of money to provide relief packages and stimulate their economies. As a result, many investors have turned to Bitcoin as a safe haven asset to protect their wealth from the devaluation of traditional currencies. Bitcoin is well known for its decentralization and limited supply, which lends it credibility as a secure store of value.

Moreover, it is worth noting that Glassnode’s data reflects only short-term activities, which may have been influenced by the FTX bankruptcy event. However, the overall trend in Bitcoin’s usage has been relatively constant, demonstrating a steady growth in the cryptocurrency’s adoption.

In conclusion, the increasing activities on the Bitcoin chain after the FTX bankruptcy event is a positive sign for the cryptocurrency industry. It demonstrates that users are recognizing the potential of Bitcoin as a safe haven asset, particularly amidst economic uncertainties. Therefore, we can expect to see more people turning to Bitcoin as a secure and decentralized store of value in the future.

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