Bitcoin, the biggest cryptocurrency, is experiencing a decline for the third day in a row, even as more people are becoming Bitcoin owners.
Bitcoin’s price began to fall on May 6th, when it was valued at approximately $29,700. As the total value of the global cryptocurrency market decreased from around $1.2 trillion to $1.13 trillion at the time of writing, Bitcoin also experienced a decline for three consecutive days.
As per crypto.news data, the value of bitcoin has decreased by 2% in the last 24 hours and is currently being traded at $27,575. Likewise, the total market value of bitcoin has also declined from $575 billion on May 6 to approximately $533 billion at the time of writing.
Image source: “crypto.news”
In addition, the drop in BTC price coincides with a new record being reached for the number of bitcoin addresses that hold a positive balance. The total has now reached 46,476,720 addresses, as reported by Glassnode.
— glassnode alerts (@glassnodealerts) May 9, 2023
A recent report disclosed that an unexpected split occurred on the Bitcoin network on May 8, causing a chain fork. This resulted in approximately 10 BTC being spent twice, a situation known as double spending. The incident took place just a few hours before Binance, the largest cryptocurrency exchange, resumed bitcoin withdrawals. The network had experienced congestion, causing delays in transactions for about an hour prior to this.