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A Record 55000 BTCs Were Drawn from Binance

A Record 55000 BTCs Were Drawn from Binance - Gadgets Africa

The latest data from the on-chain analytics company CryptoQuant shows that more bitcoins than ever have been traded on the major exchange Binance in one day. So, if you’re willing to put in the work, you can make a lot of money as a crypto trader by investing in cryptos log onto Bitcoin Bot.

Binance was short 55,000 BTC at the end of the day

Even though there are worries that the macro bottom hasn’t been reached yet, Bitcoin speculators are still buying BTC at prices above $20,000, despite the warnings.

Because of increases, people’s use of exchanges has changed significantly in the last two days. The cryptocurrency exchange Binance, which has the most trading volume, got a lot of attention on October 26 and saw its net position change by more than 55,000 BTC. This was the most Bitcoins that have ever been sold.

The outflows were more significant than any previous buying sprees, like the $17,600 drop in June this year and the collapse in March 2020.

In one of the company’s Quicktake posts, he wrote, “Yesterday will be remembered as the day when the most coins (71,579 Bitcoin) left the derivatives exchange.” He then said that some of the totals might have come from transactions within the company.

“This number is added to the 94,024 Bitcoin that have already been removed from derivatives exchanges. This number has been the most important one since July. After bitcoin’s price hit its highest point in May, it started to go down, which helped to lower the total reserves held on derivatives exchanges. 

Dang also said that similar withdrawals of derivatives had happened in the past when there was less pressure to sell Bitcoin as a whole.

He said, “There is still no proof on-chain that Bitcoin has reached its lowest point.” “But if we look at what happened in late 2018, we can see that things have changed.” “When we look back at the history of late 2018, we will be able to tell the difference,” 

Gains have “not changed” since the last time. Bitcoin’s price is still going down.IT Tech, who also wrote for CryptoQuant, said at the end that he was afraid the good times wouldn’t last too long. Something strange could happen when the US Federal Reserve meets to talk about interest rates.

The S&P 500 and Bitcoin have both gone up since the value of the DXY has gone down. Be careful because the market is still going down; a slight rise doesn’t mean the trend has changed.

Cointelegraph made a list of why more money has been lost in the last month on the cryptocurrency market. 

People were most worried about the plan to keep the U.S. dollar strong and interest rates high for a long time. People thought that this was the worst thing that could happen to risk assets.

On the other hand, there are rumors that rates might go up. This is happening because there isn’t much room for the Federal Reserve to move. Most people think that after the 75-basis-point increase in November, the policy will start to change, with smaller increases every month until 2023, when it will change completely.

So, after a year of quantitative tightening, the markets are looking for any sign that the Federal Reserve might be ready to be less aggressive (QT).

This graph shows the Fed’s goal for the interest rate. Quitting the CME Group When the unemployment numbers came out on November 4, they made bulls feel better about the stock market. Since the numbers were higher than expected, it could be said that the rate hikes are doing what they were meant to do. This could mean that something will change soon rather than later.

Bitcoin’s degree of volatility drops to new record lows

If you look at the data from Cointelegraph Markets Pro and TradingView, you can see that the BTC/USD market has been dull for a long time.

In the last month, Bitcoin has become less volatile than some of the world’s most important currencies. This makes it look like BTC is more like a stablecoin than a risky asset.

The Bitcoin historical volatility index (BVOL) recently hit lows that have only been seen a few times. This shows that Bitcoin still has a long way to go before it loses this quality.

Cover photo by Kanchanara on Unsplash

DISCLAIMER: This article is sponsored and does not substitute for professional advice or help. Any action you take upon the information presented in this article is strictly at your own risk and responsibility.

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