Bitcoin into hibernation
Investors in the world’s biggest cryptocurrency are going into hibernation mode with on-chain activity dropping by 13% in early July from November’s highs -- levels last seen in the bear phases of 2018 and 2019 when Bitcoin was worth less than $10,000.
The risk-off market mood is spreading to the cryptocurrency exchanges as investors withdraw and stow their coins off-line in crypto wallets instead. The exchanges have seen their balances drop more than 20% from a Jan. 20 peak.
A close above $26,000 or $28,000 could finally put a stop to the downward slide the token has been on since April. Recent breaks in operations, as Coinflex’s and Vauld’s pause in withdrawals and CoinLoan’s reduction in withdrawal amounts, have decreased investor trust in exchanges.
The risk-off market mood is spreading to the cryptocurrency exchanges as investors withdraw and stow their coins off-line in crypto wallets instead. The exchanges have seen their balances drop more than 20% from a Jan. 20 peak.
A close above $26,000 or $28,000 could finally put a stop to the downward slide the token has been on since April. Recent breaks in operations, as Coinflex’s and Vauld’s pause in withdrawals and CoinLoan’s reduction in withdrawal amounts, have decreased investor trust in exchanges.
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Bernard With Bacon : Oh no
