The bitcoin network has reduced the number of transactions for the week doubled to 200,000
In the cryptocurrency market has for months there is a sideways trend, which replaced the December rally. Today it defines primarily the reluctance of investors to take more risk due to massive pressure from regulators worldwide, as well as the lack of positive news pulses. At the time of writing BTC is trading quite steadily around $11,300. All of the other top TOP 10 cryptocurrencies fluctuate between growth and decline.
The market was waiting for a recovery after the Chinese New Year celebrations and the arrival of investors from Asia. However, the Chinese authorities have played a proactive, beginning proceedings with intermediaries to buy cryptocurrency Chinese citizens. It is likely that this factor does not allow the market to saving the momentum after a protracted slowdown.
According Blockchain.info for the week the average number of transactions in the bitcoin network fell from 400K in mid-December to 200K at the moment. The activity of the whole sector declined markedly, moving more in legal and tax revenues.
According to Credit Karma, only 0.04% of American users of the cryptocurrency have paid taxes on the increase in the value of the asset. Regulators, even in developed countries, whose residents used to pay taxes, faced with the fact that the sector of cryptocurrency is not perceived by the people in traditional legal field. This can be partly explained by the fact that in the media formed the image of bitcoin as “other property”, but not the currency or means of payment.
Meanwhile, the blockchain technology can be used in exit poll on elections of the President of Russia. Obviously, when the overall ambiguous attitude of the authorities to cryptocurrencies, the blockchain technology is clearly welcome and will receive a “green light” to implement in various spheres of life.