Use of Bitcoin in Commerce Hit Low in May After Peaking at $411 Mln Last Year

The volume of Bitcoin (BTC) used in commerce has declined significantly over the course of the last year, Bloomberg reports Aug. 1. Citing market research firm Chainalysis, Bloomberg reported that the volume of Bitcoin received by the largest 17 crypto merchant-processing services hit a low of $60 million in May 2018, after reaching a peak of $411 million in September 2017. The use of Bitcoin for payments has declined in tandem with its price, which peaked at almost $20,000 in December 2017 before its subsequent drop of over 50 percent.…