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Why you Shouldn’t use Revolut to Trade Bitcoin or any other Crypto

Investors stopped withdrawing bitcoins from exchanges and this is bad

Investors stopped withdrawing bitcoins from exchanges and this is bad
CONTENT

  • Bitcoin has ceased to be withdrawn from cryptocurrency exchanges and it may be bad.

  • Any unexpected outcome awaits in the cryptocurrency community.

  • Bitcoin may still crash to $ 3000- $ 1200.

International consortium of news organizations developing transparency standards.

The suspension of the mass withdrawal of the bitcoin cryptocurrency from the exchanges may have nothing to do with the positive outcome of the asset price.

The number of bitcoins that users of cryptocurrency exchanges would like to withdraw over the past two days has significantly decreased, according to the analytical resource glassnode alerts.

According to the published chart, the number of bitcoins withdrawn from cryptocurrency exchanges has decreased over the past two days from 1,425 BTC to 1,072 BTC (24.8%).

Investors stopped withdrawing bitcoins from exchanges and this is bad

The volume of bitcoin on cryptocurrency trading platforms has been actively decreasing since April. The trend of massive outflow of cryptocurrency funds was outlined at the beginning of this year, when several exchanges noticed a significant outflow of cryptocurrency..

At the same time, against the background of the withdrawal of funds, the bitcoin rate confidently “gained weight”, reaching a maximum at around $ 10,414.

Fasten seat belts

The reason for stopping the withdrawal of bitcoin may not be as rosy as it might seem at first glance. Crypto traders generally prefer to keep Bitcoin ready in turbulent conditions.

Over the past week, the price of bitcoin has been gradually but steadily declining from $ 9200 to $ 8660. The bitcoin fear and greed index, although it dropped from the level of “extreme fear”, is still located in the “fear” range.

[perfect_survey id = ”7861 ″]

This signals that the cryptocurrency community is still waiting for a further deterioration in the situation with the price of bitcoin, as was the case in past cases after halving..

Inevitable correction

Earlier, the editorial staff of BeInCrypto already wrote that Ross Ulbricht, the founder of the now closed trading platform Silk Road, expects further Bitcoin correction, which will collapse the price of the cryptocurrency up to $ 1200.

Investors stopped withdrawing bitcoins from exchanges and this is bad

Then Ulbricht said that the end of the fall of bitcoin will be accompanied by extreme pessimism..

“It will take courage in such an environment, but the subsequent price increase to new highs is worth it,” Ulbricht said..

Arthur Hayes, CEO of BitMEX cryptocurrency exchange, adheres to a similar post-halving scenario..

He believes the leading cryptocurrency is likely to plunge again to $ 3,000 before it can go back into a bullish trend..

What do you think? How inevitable is a Bcoin correction to $ 1200? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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