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Interest in Bitcoin Rises Amidst Coronavirus, Over Four Hundred Thousand New BTC Wallets Created

The number of BTC addresses holding over 0.01 Bitcoins has surged noticeably in the last 2 months. Glassnode Insights, the renowned digital asset monitoring resource, provided the data concerning the number of BTC addresses with a minimum holding of 0.01 BTC.

At the beginning of the year, over 7.8 Million such addresses existed. The number was comparatively stable in January and most of February. In the month of March, it began picking up the speed.

Even though the price of Bitcoin went through a vehement decay in mid-March, the number of BTC addresses touched its crest a few days ago at over 8.2 Million. This signifies over four hundred thousand new addresses or a five percent growth in a month.

It is worth observing that new BTC addresses don’t essentially signify new Bitcoin users. A user can operate more than one wallet. Usually, holders with additional substantial portions prefer bifurcating the amounts into diverse addresses for security motives.

The question remains if the reason behind the aforementioned increase in addresses is the imminent Halving in the month of May, the economic ambiguity caused by the coronavirus, or both.

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