The seven-day average for the number of daily Bitcoin (Bitcoin) transactions has reached a two-year low, recently dropping below 160,000 for the first time since March 2016, Bitcoin.com reported.
Blockchain.info data indicates that the number of transactions reached a two-year low on Feb. 26 with only 180,000 confirmed transactions, while Sunday, March 4 saw just 195,500.
The seven-day average has fallen from an all-time high of nearly 350,000 on the 16th of December 2017 to reach lows of between 150,000 – 155,000 during February 2018.
The reduction in transaction volume coincides with a significant drop in the number of Bitcoins traded globally on Localbitcoins.
The data indicates that the total number of Bitcoins traded on Localbitcoins has twice fallen below 6,000 in the last ten weeks, during the weeks of the 30th of December 2017, and the 24th of February 2018 respectively.