Bitcoin supply on trading platforms reaches its lowest level in 28 months, and price fluctuations continue
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Answer Bitcoin supply on trading platforms reaches its lowest level in 28 months, and price fluctuations continue
September 2021 was a month full of turmoil and volatility for Bitcoin investors.
Bitcoin price is on a continuous downtrend and has corrected more than 15% since the beginning of this month.
Despite the decline in prices, many indicators and fundamentals of Bitcoin are pointing to positivity.
reported Santiment reports that the supply of bitcoin on exchanges has fallen to a 28-month low and such a drop was last seen in May 2019.
supply # bitcoin Sitting on the stock exchanges has fallen to levels not seen since May 2019. This is a strong indication of lower selling pressure on BTC dollars. while #Rope Supply hasn’t been this high since June, which is an indication of increased purchasing power. https://t.co/2riFvhnXUE pic.twitter.com/wdB7FEQrmkRead:Binance reveals the date of the availability of the first copy of its bank card
– Santimentfeed September 27, 2021
On the other hand, the supply of the stablecoin Tether (USDT) is increasing in the exchanges.
Which indicates higher purchasing power among cryptocurrency investors.
Recently, there have also been cases of large buying by whales especially during periods of market downturn.
The whale backlog has grown stronger, especially during the Bitcoin price turmoil.
On the other hand, developments on the Bitcoin “Lightning” network are also getting stronger.
The Bitcoin “Lightning Network” has reached an all-new high capacity in terms of number of nodes, number of channels, and channel capacity.
The crypto market turmoil continues:
As we indicated in the introduction to the article, this month has been full of strong volatility.
After the grand opening this week, the entire crypto space came under pressure and the overall market cap of the crypto market fell by 4%.
Bitcoin is down 4.5% and is currently trading at $42,228 levels with a market capitalization of $801 billion.
On the other hand, Ethereum faces a similar fate.Read:The Australian Securities Commission grants approval for the first ever crypto-trading ETF
The world’s second largest cryptocurrency failed to hold above $3,000 levels and fell by 5.77% at $2,942.
Cardano is down another 4% today and faces an uphill task to stay above the critical support levels of $2.0.
In the short term, bears are clearly in control of the Cardano bulls, but if the coin loses the $2.0 support, the world’s third largest cryptocurrency will slide more quickly.
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