Cryptocurrency
Bitcoin Remains on Hunt for $10K as Holding Sentiment Gains Strength
As reported at Coindesk, “Investors remain confident in bitcoin’s long-term prospects despite the cryptocurrency’s struggle to pass $10,000, according to a key on-chain metric. “The seven-day moving average of the total amount of bitcoin held in exchange addresses declined to 2,313,749 on Sunday – the lowest level since December 2018, according to data from blockchain intelligence […]
As reported at Coindesk, “Investors remain confident in bitcoin’s long-term prospects despite the cryptocurrency’s struggle to pass $10,000, according to a key on-chain metric.
“The seven-day moving average of the total amount of bitcoin held in exchange addresses declined to 2,313,749 on Sunday – the lowest level since December 2018, according to data from blockchain intelligence firm Glassnode.
“Exchange balances have declined by nearly 13% over the last four months – a change indicative of a shift to a long-term holding strategy. ‘This could be related to more investors HODLing , moving their funds to cold storage and/or keys they control themselves,’ cryptocurrency exchange Luno noted in a weekly email update.
“Investors tend to move cryptocurrency from their wallets to exchanges to be able to more quickly liquidate holdings during a price crash or when they expect a price rally to be short-lived.
“However, bitcoin’s price rise from the March low of $3,867 has been accompanied by a decline in exchange balances…”