The largest cryptocurrency in the world, Bitcoins price has been depreciating lately, however, there might be hope for the community as the BTC balance on cryptocurrency exchanges hits a 13-month low.
Bitcoin Headed Towards A Bull Run?
The world will remember March 2020 as the month that put the entire mankind in shackles. The pandemic caused destruction in large magnitudes to life as well as the economy. The price of the largest cryptocurrency, Bitcoin also witnessed a significant dip.
During March, another metric took a ride downhill and is still on the same journey. The Bitcoin balance on exchanges was at 2,912,856.358 on 12 March 2020, the same day, the price of Bitcoin plummeted down to the 4K zone. Even though the price of the coin eventually found its path to recovery, the balance on cryptocurrency exchanges was seen plunging.
Source – glassnode studio
As per the on-chain market analysis platform, Glassnode, the Bitcoin [BTC] balance on exchanges had hit a 13-month low. The balance on exchanges on 29 June 2020 stood at 2,629,751.011 BTC. Further nosediving down the previous 13-month low of 2,632,322.478 BTC which was recorded on 26 June 2020. Glassnode tweeted about the same.
The below chart reveals that San-Fransico based cryptocurrency exchange, Coinbase had the largest amount of 953,192.845 BTC stored in its platform. Huobi was right behind as it had a total of 363,646.936 BTC and the worlds largest cryptocurrency exchange, Binance had 268,864.360 BTC balance in its exchange.
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.