Analysis: Bitcoin's current round of decline was due to lower trading speeds

Bitcoin prices have just emerged as one of the most dramatic price fluctuations since the launch of the Bakkt exchange on September 23. Byte Tree CEO James Bennet said the bitcoin price decline was caused by a slower trading rate. In the past few weeks, bitcoin transactions have slowed significantly as the volume of stable currencies such as USDT has increased. Ultimately, this sluggish demand for bitcoin networks has led to a recent drop in bitcoin prices. At present, the activity of USDT has exceeded BTC, which means that the market depends to a large extent on stable coins. According to CoinMarketCap, BTC currently accounts for approximately 29% of all crypto transactions, while USDT exceeds 35%.