Home
News
The Crypto market has seen high sell-offs lately due to various reasons, and its continue
On Monday, blockchain data and intelligence provider Glassnode reported a total sell-off of cryptocurrencies worth $15 billion during last week. Glassnode, who provides chain metrics and tools to crypto stakeholders, gave the information about crypto sell-off on Twitter.
The data provided says that a total of $15 billion worth of cryptocurrencies was moved into or taken out from cryptocurrency exchanges. This movement of staggering amounts resulted in an average drop of almost 13% in the global cryptocurrency market.
The data covered mainly Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) and mentioned how much of $15 billion belonged to each of them. Other cryptocurrency data has not been revealed yet, and also, it has not been made clear that while collecting the data about selling off from exchanges, were the exchange platforms included or not.
ALSO READ: Kraken CEO believes US accounts must also be freezed in light of the current situation
Many have left the exchanges
The selling off of crypto assets is quite understandable as it’s a usual procedure in the market. Still, more surprisingly, a large number of funds left the crypto exchange ecosystem. As per the data, the volume of funds left by crypto exchanges is almost equal to the total sell-off reported.
Seeing the data, it’s clear that BTC and ETH remain at positive deposit, but Tether (USDT) stablecoin has seen negative exchange flow where the withdrawal amount stands at almost $200 million. This indicates a shift where traders and investors might prefer USD weather to crypto in search of more stable options.
As reports clarify that the crypto market witnessed a downfall of over 13%, it is evident that people shift where crypto does not seem to perform well. The global crypto market has been experiencing declines in volume, with some hiccups in between after attaining its all-time high last year.
The continued disturbance results in the market’s reaction, either Kazakhstan mining halt or Federal reserve’s interest rate hikes. After the correction, the market seemed to start reviving, but it fell into another issue. Last week remained tough for almost every cryptocurrency as the Russia-Ukraine war broke out and worsened the recovering situations.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
