Cases where Bitcoin continues to rise (Bitcoin) Centralized exchanges have recently seen a large outflow of coins, raising the possibility that they could reach more than $40,000 by the end of the year.
By data glass node The data shows that over 37,000 BTC worth $1.4 billion has been withdrawn from the exchange since November 17, indicating that investors are in direct control of their coins.
This outflow likely represents a bias against long-term holding strategies, but some of it can be attributed to Binance’s guilty plea.The bias toward holdings signals strong market demand and waning pressure on sellers amid euphoria from expectations for the launch of spot exchange-traded funds (ETFs) in the US.
Currency outflows are at historically low local prices, supporting expectations for medium-term price increases.
BTC traded above $38,000 early Friday, leading to a rally across the crypto market, with some major tokens up as much as 5% in the past 24 hours.
Total market capitalization Increased to $1.5 trillion – Levels last seen in May 2022 – an increase of about $400 billion since the beginning of October.
Some market participants have noted that expected interest rate cuts by central banks in the coming months could generally attract capital to the market, leading to increased volatility in speculative markets such as cryptocurrencies.
“The Federal Reserve has paused its rate hike cycle and central banks around the world are following suit,” Anthony Rousseau, head of securities at TradeStation, told CoinDesk in an email. He spoke at “It is reasonable to think that we have reached the high point of this tightening cycle. We will need to see the path forward, with lower interest rates and an end to quantitative tightening, if risk assets are to sustainably bid up. .”
“We could see a net liquidity opportunity for the market in 2024. We will need to confirm the gender,” Rousseau added.
Federal Reserve President Chris Waller says recent data suggests the economy is slowing and continued moderate inflation shows current policy is “in the right place.” Bitcoin started gaining momentum late Tuesday.
Waller also said there was a good argument for a rate cut in the coming months if inflation continued to fall.
Interest rate decisions tend to move markets. Rising interest rates typically mean risky assets such as stocks and cryptocurrencies take a hit as investors may take profits and invest in bonds.
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