Cryptocurrency investors have begun withdrawing bitcoins from exchanges for offline storage. This was reported by Glassnode analysts. Probably the reason was the unstable situation on the platforms.
Apparently, crypto investors are trying to eliminate unnecessary risks associated with the instability of the cryptocurrency exchanges. In this regard, the balances of the largest services decreased by about 20% compared to the January peaks. The share of users who reduced positions on the exchange is not specified.
When the owners of bitcoins will return to the exchanges is still unclear. Piper Sandler Companies Chief Marketing Officer Craig Johnson emphasized that the cryptocurrency does not have a fundamental basis for analysis. Despite this, he believes that when the cryptocurrency returns to $ 26-28 thousand, this will stop the downtrend of bitcoin.
Apparently, the reason for the withdrawal of the digital currency was the downtrend in the financial markets, which caused problems in the work of a number of cryptocurrency organizations. One of the largest exchanges, Coinbase, has suspended hiring and fired some of its employees, and Coinflex and Vauld finally closed the withdrawal of funds from the platform. CoinLoan also reported on the limits on the withdrawal amount.
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