Crypto investors have started withdrawing bitcoins from exchanges for offline storage
Cryptocurrency investors have started withdrawing bitcoins from exchanges for offline storage. This was reported by Glassnode analysts. Probably, the reason for this was the unstable situation on the platforms.
Obviously, crypto-investors are trying to eliminate unnecessary risks associated with the instability of cryptocurrency exchanges. In this regard, the balances of the largest services decreased by approximately 20% compared to the January peaks. The share of users who reduced exchange positions is not specified.
It is not yet clear when bitcoin holders will return to the exchange. The chief marketer of Piper Sandler Companies, Craig Johnson, emphasized that cryptocurrency has no fundamental basis for analysis. Despite this, he believes that when the cryptocurrency returns to $26-28 thousand, it will stop the downward trend of Bitcoin.
Considering everything, the reason for the withdrawal of the digital currency was the downward trend in the financial markets, which caused problems in the work of a number of cryptocurrency organizations. One of the largest exchanges, Coinbase, suspended hiring and laid off some employees, and Coinflex and Vauld finally closed withdrawals from the platform. CoinLoan also reported on withdrawal amount of restrictions.
