Bitcoin and Ethereum subreddits reach record 7 million subscribers

The total number of subscribers to Reddit’s leading crypto communities — r/Bitcoin and r/Ethereum — has reached a new all-time high of 7 million subscribers.

From June 4 to June 11, more than 364,000 subscribed to the Bitcoin-focused subreddit. The Ethereum community attracted 461,000 users in the same period.

The r/EthTrader and r/Cryptocurrency subreddits also saw a surge in subscribers.

The community’s interest was likely drawn by the SEC’s lawsuits against the two largest US crypto exchanges.

On June 5 the regulator filed a lawsuit against Binance and its CEO Changpeng Zhao. The SEC filed 13 charges, including the sale of unregistered securities. On the following day the agency filed a similar suit against Coinbase.

On Reddit, a local uproar also erupted — more than 6,000 communities, including crypto ones, went offline in protest against the company’s API policy.

Recently, the platform’s management stated that it would start charging third-party apps for using the API. Reddit utility Apollo developer Christian Selig said he planned to wind down development because of the new policy, which would cost him millions of dollars.”

As noted, the number of user-created Reddit collectible avatars exceeded 13.7 million. The project’s market capitalisation has reached $38.5 million.