Recent findings from Charles Schwab highlight a growing trend of Millennials increasingly investing in cryptocurrencies. The survey indicates that 62% of Millennial ETF investors are planning to diversify their portfolios
CoinOtag 2024-10-10 20:25
Although the Bitcoin price faces challenges in breaking out significantly from its support level of $60,000, recent on-chain data reveals a fascinating shift in sentiment among Bitcoin enthusiasts. Despite the ongoing price corrections, it appears that long-term holders remain undeterred. In fact, about 15,917 BTC, valued at approximately $987 million, has been withdrawn from various cryptocurrency exchanges over the past week. Bitcoin Exits Crypto Exchanges In Droves According to a previous report by NewsBTC, Bitcoin’s recent dip to $60,000 can largely be attributed to the actions of short-term holders. On-chain data reveals that this particular group of traders decided to exit their positions after Bitcoin’s performance failed to meet expectations in early October, further intensifying the selling pressure. However, long-term holders have taken full advantage of this increased selling pressure. Rather than follow the short-term market sentiment, many long-term investors seized the opportunity to add more Bitcoin to their portfolios. Related Reading: Crypto Analyst Predicts Massive 8,400% Rise For XRP Price To $44, Calls It ‘Conservative’ As data would have it, long-term holders seem to have capitalized on the selling pressure, with many of them taking the opportunity to add to their holdings. According to on-chain data highlighted by crypto analyst Ali Martinez, the Bitcoin reserves on cryptocurrency exchanges have been in a steady decline since October 3. On that day, the total Bitcoin balance across exchanges stood at 2.5825 million BTC. What’s notable is that this figure was a result of several consecutive days of BTC inflows to exchanges, beginning on September 28 and continuing until October 3. During this time, the price of Bitcoin fell from $66,230 to $60,047, marking a decrease of about 9.3% as many traders sold on exchanges. However, in an interesting turn of events, long-term holders have seen this influx of BTC into exchanges as an opportunity to acquire more tokens. As a result, there has been a consistent decline in the total Bitcoin balance on exchanges since October 3. Numbers show that 15,917 BTC were withdrawn from exchanges between October 3 and the time of writing, bringing the total Bitcoin exchange reserve to about 2.5667 million BTC. What Does This Mean For Bitcoin? The outflow of BTC from exchanges is generally seen as positive for the cryptocurrency’s price moving forward, as it reduces the amount of BTC available for sale. During this outflow period, Bitcoin retested the $64,000 price level on October 7. However, it has since reversed and is approaching the $60,000 price floor again. Related Reading: Standard Chartered Analysts Says Ethereum Price Will Reach $10,000 If This Happens As of the time of writing, Bitcoin is trading at $60,912, marking a 2.1% decline over the past 24 hours. This dip shows the importance of long-term holders and bullish investors continuing to accumulate BTC from exchanges. The onus now is on long-term holders to keep accumulating Bitcoin from exchanges in order to help prevent further price declines. Featured image created with Dall.E, chart from Tradingview.com
NewsBTC 2024-10-10 20:00
The Blockstream founder was favored as the most likely figure to be revealed as Satoshi Nakamoto in the HBO documentary by Polymarket users.
CoinTelegraph 2024-10-10 19:42
Today, the South Korean Financial Services Commission (FSC) announced that it might review the approval of Bitcoin and other digital assets spot ETFs.
Cryptopolitan 2024-10-10 19:16
Aave DAO is contemplating a transformative proposal from World Liberty Financial (WLF), which could significantly impact its revenue model. The proposal includes a substantial share of WLF’s future earnings and
CoinOtag 2024-10-10 19:12
On 8 October 2024, famed global macro hedge fund manager Hugh Hendry posted a thought-provoking message on the social media platform X, discussing Bitcoin’s place in the broader financial landscape and warning of potential dangers in traditional financial markets. Hendry’s commentary compared Bitcoin’s market capitalization to that of major tech stocks, highlighting the potential instability
CryptoGlobe 2024-10-10 18:59
The Korean regulator is forming a virtual asset committee to explore Bitcoin ETF approval and corporate crypto accounts, likely reducing… The post Korean SEC Takes Formal Steps Toward Bitcoin ETF Approval first appeared on The Crypto Basic .
The Crypto Basic 2024-10-10 18:44
Here's what the most recent inflation data actually means for Bitcoin
U.Today 2024-10-10 18:40
MicroStrategy's Michael Saylor delivers epic Bitcoin line amid developing firestorm in US economy
U.Today 2024-10-10 18:26
The Japanese Bitcoin (BTC) market has witnessed a surge in volatility, tied closely to the recent instability of the Japanese… The post Bitcoin Volatility in Japan Hits 2-Year High Amid Yen Instability, Trading Volumes Plummet by 50% first appeared on The Crypto Basic .
The Crypto Basic 2024-10-10 18:24
The potential ramifications of the upcoming U.S. elections on cryptocurrency markets are drawing considerable attention from investors. Historically, periods of political uncertainty have led to significant volatility in financial markets,
CoinOtag 2024-10-10 18:24
Bitcoin is navigating choppy waters as diverging macroeconomic indicators present a unique landscape for traders. The recent spike in U.S. inflation indices has heightened discussions around the Federal Reserve’s monetary
CoinOtag 2024-10-10 17:56
