Bitcoin exchange balance fell to three-year low

by in Cryptocurrency News

Bitcoin

On the night of Friday, September 17, Bitcoin fell to $47,700.

On the eve of the morning, the coin tried to gain a foothold above $ 48,000, having secured the support of American investors. However, in the second half of the day, the activity on the market weakened again, and soon the correction resumed.

At the same time, the trend for the long-term storage of cryptocurrency continues to dominate. Traders buy bitcoins and withdraw them from trading platforms. According to Santiment, the whales have acquired another 70,000 BTC over the past three days.

Trending: Pi Network Announced Launching Pi Wallet on the Testnet

A report from Arcane Research says that the volume of cryptocurrency on exchanges is now at its lowest level since August 2018. Since July 27, a total of 178,000 coins have left the trading floors.

The outflow of digital currency reduces market pressure and narrows the supply. This factor is a key driver of growth in the value of bitcoin, experts emphasized.

Bloomberg strategist Mike McGlone this week again predicted a spurt of Bitcoin to $ 100,000. In his opinion, at this level, the leading cryptocurrency will be trading at the end of 2021. The introduction of BTC creates conditions for a more massive inflow of capital into this instrument, the analyst said.