Bitcoin exit from Crypto Exchanges is happening! Have the stock markets lost confidence?
The growth of Bitcoin and crypto exchanges over the years reflects the evolution of the industry. Exchange is the most important company supporting blockchain and crypto protocol. Also, the exchanges, which are led by the largest number of people in the industry, are the home of many tokens in the crypto environment.
From the beginning of Bitcoin until now, the crypto exchange has developed and grown in many ways, gaining the trust of users. However, things changed in the corner and users lost faith in crypto exchanges. The failure of FTX has spread its spread in the crypto space, dragging many crypto exchanges down.
Bitcoin exit recorded the highest trading rate since 2018
Bitcoin exit recorded the highest trading rate since 2018. This week saw a massive exodus of Bitcoin from crypto exchanges after the collapse of FTX. New data from Glassnode reveals that Bitcoin is fast becoming an exchange. According to the report, users and investors have withdrawn all bitcoins entering the exchange since 2018.
Since FTX has not been paid, mainly due to poor resource management, the demand for free holdings in the BTC spot market has increased. This behavior has never been recorded in any previous bear market Bitcoin survived.
Bitcoin isn’t the only asset to see major setbacks. Stablecoins such as BUSD and USDC have also seen significant departures from exchanges over the past seven days. On-chain data shows that most of the outgoing coins are moving to private wallets. This article is supported by Sentiment Data.
According to Santiment, there is an increase in stablecoins like USDC, BUSD and USDT in the crypto market in early 2022. Also, the data suggested that new investors are buying properties as prices fall.
The market value of stablecoins reached $ 134.07 billion, and the supply of coins at the same time reached BTC. However, things have changed since the Fed’s interest rate hike in June. In addition, the stablecoin market saw a significant volatility change when Binance revealed plans to convert USDC to BUSD.
Santiment said the recent crisis is teaching everyone to embrace self-care. The market has learned, which is reflected in the increase of Bitcoin exit, USDC and BUSD from the changes.
Many crypto companies and investors are facing the fire of FTX failure. For example, Crypto venture capital firm Multicoin Capital lost nearly $1 billion in assets invested in FTX. The extent of the damage in the crypto space and the large output of assets and the fall in value have left questions in everyone’s mind. Many people wonder if crypto is still alive or dead.
There is still hope since the crypto space has survived such pain. The collapse of Mt.Gox is an event that has left a ripple effect in the crypto industry. The collapse of Terra also had a similar effect on crypto.
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