$1,2 billion worth of bitcoins withdrawn from cryptocurrency exchanges in three days

According to analysts, such a trend may be a sign of market recovery

04.10.2022 - 07:30

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What’s new? According to the CryptoQuant analytical platform, between September 29 and October 1, investors withdrew 61 300 BTC (about $1,2 billion at an average exchange rate during that time) from crypto exchanges. The company’s expert believes that this figure may be a sign of a recovery in demand in the market and an increase in the rate of bitcoin itself. As of October 4, 07:30 UTC, BTC is trading at $19 906, with the asset up by 3,6% per day, according to Binance.

Source: Cryptoquant.com

What happened before? Robert Breedlove, the founder of crypto investment firm Parallax Digital, predicted that bitcoin would rise to $12,5 million by 2031. In his view, a key factor for such a jump will be the deterioration of the US dollar.

According to Rostin Benham, the chairman of the US Commodity Futures Trading Commission (CFTC), the bitcoin rate could “double in price” if the market for digital assets is regulated by his agency. He believes that a clear regulatory framework could pave the way for institutional investors to enter the market.

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