- Cryptocurrency platforms are seeing their bitcoin volumes slowdown as investors continue to withdraw their tokens.
- This has been a persistent trend with platforms all over the world recording significant declines in the number of bitcoins held for their clients.
As the coronavirus took over the world in quick succession, many Cryptocurrency platforms are seeing their bitcoin volumes slowdown as investors continue to withdraw their tokens. This has been a persistent trend since January with numerous platforms all over the world recording significant declines in the number of bitcoins held for their clients.
Glassnode, the cryptocurrency research company has revealed data that indicates that the number of bitcoins held on crypto platforms has fallen by nearly 10% of the cost of the past three months. The on chain analysis details show that more than 2 million bitcoins were on platforms as of the 12th of April last week.
Investors are withdrawing #Bitcoin from exchanges - potentially indicating a shift to longer-term holding strategies.$BTC balances have fallen nearly 10% from the highs seen in January.https://t.co/mMVqCQmkax pic.twitter.com/wccnWnM4ka— glassnode (@glassnode) April 14, 2020
This has caused a lot of concern for many platforms as over the past few years, they have seen increased trading activity as more investors get further involved in the industry. However, trading in bitcoin has reduced quite heavily over the past month due to the uncertainty and high volatility brought upon during the coronavirus pandemic.
On the 12th of March this year, the crypto markets went into disaster. Since then, they haven’t been able to fully recover however, things are still in the green at the time of writing.