More BTC is Being Moved off Exchanges Since the Halving
The total fallout of the recent Bitcoin block reward halving has yet to be determined. One thing is apparent: more funds has been withdrawn from exchanges in recent days, further confirming that people are primarily intent on holding.
There is always an ample supply of Bitcoin on exchanges and trading platforms.
Moving More BTC off Exchanges is Pertinent
Any funds kept on such platforms is not controlled by the user directly, and this practice needs to be avoided.
As such, it seems more and more BTC funds are being withdrawn from exchanges altogether.
Roughly 24,000 BTC has moved off exchanges and into other wallets since the reward halving took place on May 11.
It is a very prominent development, although there is still a lot of work to be done.
As more people move funds off platforms, the selling pressure on the market should lessen as well.
That may be part of the reason why Bitcoin has peaked above $9,500 again in recent days.
One also has to wonder if exchanges or trading platforms can be trusted.
A hack can occur at nay given time, or exchanges may simply disappear out of the blue.
Keeping funds in one’s own wallet is always the best option to explore especially with cryptocurrencies.
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The post More BTC is Being Moved off Exchanges Since the Halving appeared first on The Merkle News.
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JP Buntinx, Khareem Sudlow