Bitcoin has had grey days in terms of price over the past couple of months, however, this perhaps is just a ‘calm before the storm’.
The exchange’s CEO makes ‘Safe Haven’ bet on Bitcoin following the quite stable price lately
Bitcoin’s inflow into crypto exchanges is less and it is historically evident that reduced deposit into exchanges has hyped the rate of Bitcoin in the past.
Severe-Low Bitcoin Inflows into Crypto Exchanges
A crypto analyst elaborates that the BTC inflows into crypto exchanges are at ‘severe lows’. They describe the relationship between ‘Severe-Low Bitcoin Inflows into Crypto Exchanges v/s spike in the price of Bitcoin’ and reveals that whenever there is a severe low of inflows into bitcoin exchanges, we witness major sell-off.
Eventually, this activity led the spike in the price of bitcoin in past years. Surprisingly, ‘the longer we stay in the range of $8100 – $10500’ the more sentiment declines’, predicts analyst.
Although there’s a global term for traders, ‘buy low, sell high’, yet these traders seem not investing even when the price is at its low mark. However, the part of the reason is indicating the global uncertainty that’s happening following the second quarter during this COVID outbreak.
Bitcoin is Less Volatile, Calm Before the Storm?
The nib of the matter is that even Twitter’s major hack didn’t move Bitcoin. The largest cryptocurrency has been maintaining the price mark between $9100 – $9400.
In fact, at the time of reporting this, Bitcoiin is quietly moving up with 1.91 percent within the past 24Hrs. As per the Coinmarketcap, Bitcoin is trading at $9326 against USD, with other altcoins following the bullish rally.
Moreover, Bitcoin’s entrenched range of $9000 – $9500 is also indicating that the largest token is stable now. The cryptocurrency is less volatile these days while the other alternative cryptocurrencies are making good waves.
While at one hand analysts are speculating on the trader’s reluctance of investing bitcoin into exchanges as the reason behind major sell-off, a report from CoinGecko revealed that some exchanges may be paying for web traffic.
However, the report specified OKEx and analyzed that half of OKEx’s traffic comes from the sites that usually pay people to visit websites.
What’s your take on the analysis of ‘Severe-Low Bitcoin Inflows into Crypto Exchanges? Do you think that the current price of Bitcoin is just the calm before the storm? Let us know via Twitter