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Crypto Exchanges Continue to Increase Their Bitcoin Holdings Despite Price Volatility: TokenAnalyst Study

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    Cryptocurrency exchanges appear to be the most disciplined Bitcoin holders as their stockpiles continue to mount

Cover image via news.u.today

According to a study conducted by cryptocurrency research firm TokenAnalyst, the amount of Bitcoin held by the biggest cryptocurrency exchanges has been steadily growing for the past two years.

As of now, the top exchange wallets are responsible for holding 6.7 percent of all BTC in circulation (about $9.8 bln at current prices).  

The specified time period includes the 2018 bear market that ended with Bitcoin bottoming out at $3,100 last December (a world of difference compared to Bitcoin's all-time high of $20,000 that was recorded the year prior). The top exchanges kept stacking stats despite these wild price swings

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According to data provided by BitInfoCharts, the four biggest exchange wallets are owned by cryptocurrency exchanges. Binance and Huobi are in the nine-digit territory with both them having more than $1 bln in their coffers.  

  
Is this bullish for BTC? Share your take in our comment section!    
     

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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