Bitcoin Active Users Decreasing, But Transactions Still Rising – May 16

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$27,023

Bitcoin price is sitting on the $27,000 mark to begin Tuesday, as the market tests whether the level will hold.

Top-20 altcoins are down over the last 24 hours, as Ethereum falls 1%, BNB drops 2% and Litecoin is the sole gainer with a 2% rise.

Top Stories for May 16, 2022 🔥

👉 Bitcoin Active Users Decreasing, But Transactions Still Rising

The number of active addresses on the Bitcoin network is decreasing, despite an increase in the number of transactions.

The number of daily transactions reached a record high recently, coinciding with the significant market value of the tokens created with the Ordinals protocol.

The decline in active addresses indicates that fewer people are participating in the network, however those who are active are making more transactions on average –with the rise in transaction costs making people hesitant to transact.

👉 Lightning Network Company River Raises $35M

US-based Bitcoin tech company River has raised $35 million in a Series B equity funding round, led by Kingsway Capital.

River manages one of the largest Bitcoin lightning nodes, enabling payments and liquidity management for the Lightning Network. The company’s Lightning API has already been integrated into El Salvador’s Chivo wallet for near-instant and near-free Bitcoin payments.

The funding round also included contributions from Peter Thiel, Cygni, Goldcrest, and Valor Equity Partners.

👉 Finance Ministers Sign Off On EU’s MiCA Legislation

The European Union’s Council has given final approval to the Markets in Crypto Assets regulation (MiCA), making it the first major jurisdiction with a crypto licensing regime.

This landmark regulation requires crypto firms to obtain a license to operate across the EU and mandates stablecoin issuers to hold suitable reserves. The Council also agreed on anti-money laundering measures for crypto fund transfers.

Additionally, ministers approved new measures to compel crypto providers to disclose customer holdings to tax authorities for improved tax collection and transparency.