Number of BTC on Coinbase falls to a min since the end of 2017

by in Cryptocurrency News

Bitcoin

The Glassnode team recorded a sharp drop in the number of bitcoins (BTC) on the Coinbase cryptocurrency exchange.

According to researchers, the volume of digital currency on Coinbase is now at its lowest level since December 2017. Moreover, the outflow of coins had continued since May of this year, when an aggressive sale was observed in the market, which led to a collapse in the price of BTC.

Currently, there are just over 700,000 coins listed on the exchange. Analysts believe that the reduction in the exchange balance of bitcoin eases the pressure on the market and brings a new phase of strengthening the asset closer.

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On the night of Thursday, September 2, the price of BTC is holding around $ 48,680. The coin was able to recoup a little, but so far, it still lacks support to achieve more impressive results.

According to trader Michael van de Pop, bitcoin is at the stage of consolidation. That is a normal process, especially since technical indicators indicate that there is still a chance for a quick change in dynamics.

The analyst's position is confirmed by the data from the Glassnode platform. Her report states that the number of bitcoin addresses holding 0.1 or more BTC is now at a three-month high (3.23 million). The accumulative strategy continues to dominate the camp of traders.