Bitcoin reaches milestone in exchange exits amid recent price drop

Bitcoin (BTC) has reached a milestone in exchange outflows following its recent price drop. More than $750 million worth of BTC tokens were withdrawn from exchanges on March 14, the highest amount since May last year, as noted by analytics platform IntoTheBlock.

According to the data, the majority of withdrawals came from cryptocurrency exchanges Bitfinex ($524 million) and Kraken ($130 million).

Over $750m $BTC was withdrawn from exchanges yesterday, the highest since May 2023. The majority of these withdrawals originate from Bitfinex ($524m) and Kraken ($130m) pic.twitter.com/8d3eIJROhv

— IntoTheBlock (@intotheblock) March 15, 2024

The price of Bitcoin (BTC) entered correction mode and saw a significant drop over the last day. The largest cryptocurrency fell below the $68,000 price level for the first time since March 8, and altcoins ended up bleeding significantly as a result.

Cryptocurrency analyst Ali Martinez observed that an additional $93.67 million in Bitcoin positions could face liquidation. Following the recent $128.37 million liquidation on Binance due to the Bitcoin price correction, it appears that an additional $93.67 million worth of $BTC positions could face liquidation if BTC recovers to $72,800.

At the time of publication, the price of Bitcoin was quoted at US$68,460.39, down 3.4% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$75,856,255,971.

In a move that captured the attention of enthusiasts and financial analysts around the globe, Bitcoin (BTC) scaled new heights, surpassing the impressive $72,000 mark during this week. However, the largest cryptocurrency has experienced a significant drop in its price in the last 24 hours.

Bitcoin has established a solid support range between the $64,750 and $66,700 price levels, where 382,000 addresses hold more than 275,000 BTC tokens, according to an analysis by expert Ali Martinez shared on March 15.

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