Bitcoin Exchanges Registered A Significant Inflow Prior to Price Correction to $8.6k
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Bitcoin Exchanges Registered A Significant Inflow Prior to Price Correction to $8.6k

May 26, 2020      Jyoti Singh

The price of Bitcoin which earlier has reached to $9,300 on May 24, falls to $8,800 and in the next 24 hours, it further declined to $8,600. Now Bitcoin has reached the risk of a bigger pullback on CoinMarketCap.

Earlier, when the price of Bitcoin falls below $9,000, it coincided with a huge amount of BTCs that were arriving onto the exchanges.

Bitcoin Price Fall In Past Three-Days

According to the Bitcoin on-chain data, there are chances that because of miners, exchanges and retail investors the price of Bitcoin has fall furthermore in past three days.

A few days ago, Willy Woo who is a crypto investor shared his views on the role of exchanges and he mentioned that it’s their responsibility to match orders between buyers and sellers.

Woo further explained, “When we say traders are ‘buying’ or ‘selling’ this is a myth. Every trade is matched, every trade has a buyer and a seller. (When we say the market is buying or selling, we actually mean smart money is buying or selling.)”.

$22 Million Worth Bitcoin Deposited

Data released by CryptoQuant stated that on May 24, 2020, the Bitcoin spiked to 2,435 BTC after the inflow, that means in a single day around $22 million worth of BTC has been deposited to the exchanges.

Its statistics show that crypto exchanges were not responsible for the large portion of selling pressure.

The revenue on the crypto trading platform could be generated with the help of trading fees and then it could sell that fess on its own exchange and for that, the exchange would not have to move the large sums of BTC.

A report suggests that the main culprits behind May 24 sell-off were the miners and the retail investors.

A week ago, ByteTree released a report showing that miners have generated 5,231 BTC and have spent 5,846 BTC. That means miners sold-off 614 BTC rather than all the Bitcoin they have mined within the seven days.

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#ByteTree #CoinMarketCap #CryptoQuant #Exchanges #Miners #On-chain data #Retail investors #Willy woo
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.