The number of confirmed daily bitcoin transactions has dropped giantly in recent weeks, with blockchain.info data indicating that the seven-day average falling from an all-time high of nearly 350,000 on the 16th of December 2017 to reach lows of between 150,000 – 155,000 during February 2018. This is reported by Bitcoin Com.
BTC Transactions Volume
We had a hype-cycle and now it’s cooling down. We just may be entering a bear market.
CIO, Newscape Capital Group
Coin.dance data shoves that the total number of bitcoins traded on Localbitcoins has twice fallen below 6,000 in the last ten weeks, during the weeks of the 30th of December 2017, and the 24th of February 2018 respectively.
Some experts believe that merchants, payment processors and online gambling are moving off of Bitcoin; this can have its effect too.