Bitcoin Withdrawals from Centralized Crypto Exchanges Increase, Possibility of Bitcoin Passing $40,000 by the End of the Year Rises - Latest cryptocurrency news

Bitcoin Withdrawals from Centralized Crypto Exchanges Increase, Possibility of Bitcoin Passing $40,000 by the End of the Year Rises

The possibility of Bitcoin (BTC) surpassing $40,000 by the end of the year has increased with a significant increase in BTC withdrawal transactions from centralized crypto exchanges. According to on-chain data provider Glassnode, a significant amount of Bitcoin has been withdrawn from centralized crypto exchanges.

Since November 17, over 37,000 BTC worth approximately $1.4 billion has been withdrawn from centralized crypto exchanges. This indicates that investors are not willing to sell BTC in the short term and prefer to hold them in their wallets.

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Some of the withdrawals could be the result of Binance’s agreement with US authorities, accusing them of non-compliance with anti-money laundering regulations. However, the main trigger seems to be the expectations for the approval of a spot exchange-traded fund (ETF) in the US until February 2024.

Historical data shows that BTC withdrawals from centralized crypto exchanges are a strong signal of price bottom points and usually followed by price increases in the medium term.

The rise of Bitcoin price above $38,000 in the early hours led to a general increase in the cryptocurrency market, with some major altcoins showing an increase of more than 5%. The total market value of the cryptocurrency market reached $1.5 trillion, the highest level since May 2022, indicating an increase of approximately $400 billion since the beginning of October.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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