The use of Bitcoin as a means of payment by the 17 largest crypto merchant-processing operators dropped from its peak of $411 million in September 2017 to a low of $60 million in May 2018, according to a report by Chainalysis. The report was commissioned by Bloomberg and is aimed to analyze the trends related to the use of Bitcoin for buying goods and services.
In June, these merchant services, which include Coinify and BitPay, received $69 million, down 74% compared to the same period of the previous year.
The trend is surprisingly declining even though the Bitcoin price has narrowed its volatile movements and has become more stable. Volatility was regarded as the first reason why the largest cryptocurrency couldn...
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