Bitcoin network activity hints towards its utility cases amid fear
A huge surge in the utility of Bitcoin can be seen because of the increasing adoption but there is a road bump in the price surge possibilities because of the current situation in the world.
Bitcoin is a world-famous crypto asset in the world and this coin doesn’t need any kind of introduction because it is the first crypto in the world, which resulted in an alternative new money market like the stock market but due to global coverage at a time 24×7 online feature, it giving a better push to the investors to go with crypto market.
At the time of writing this article, the price of Bitcoin is $42,191 and this price is 0.01% high over 24 hours. However this price is showing a much better solid point to stay strong for the long term but still, it is 30% low over the last 90 days, which may be disappointing for the short-term Bitcoin investors.
Recently Santiment, a blockchain data analytics platform, published its report on the current situation and activity of Bitcoin users and revealed that the majority of the Bitcoin traders already grabbed their profit.
Santiment noted that Bitcoin failed to cross $45,000 two times last week, which is really a very disappointing thing for the Bitcoin traders but still it is giving better positive hints.
According to the data of Santiment research, Bitcoin touched all-time high active Bitcoin network activities with a total of 1.08 million, this year. And these things are showing that the industry is moving toward the use cases of Bitcoin instead of only investment as a best store of value.
Bitcoin facing the fear of wars and hikes in interest
No doubt that the whole crypto industry is now out of the fear of crypto ban discussion, in particular from Russia where the government decided to work with the Central Bank to create a framework on the crypto industry. But still, the crypto industry is at the risk of two factors.
The first factor is war chances between Russia and Ukraine, which may result in huge problems for the crypto industry because of some financial ups and downs in multiple countries, supporters of the possible war.
The second factor is a hike in the interest rate. However, the US Federal Reserve confirmed that it will increase the interest rate 3 to 4 times this year but no exact date has been provided. Furthermore, delays and unexpected surges in the interest rate at any of the sudden date may result in a big correction for not only crypto but also for the stock market.
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