Bitcoin (BTC) has recorded the highest number of coins leaving exchanges since September 7, according to data shared by cryptocurrency analysis platform Santiment on October 8.
In its analysis, the platform noted that the largest cryptocurrency on the market is making a second run to cross the market value of US$28,000.
“Bitcoin has seen its highest number of coins (over 10K $BTC) leaving exchanges since September 7th, and the leading #crypto market cap asset is making a second run to cross the $28K market cap . Utility will be important here as unique addresses have fallen to 6-week lows.”
📊 #Bitcoin had its most coins (over 10K $BTC) moving off exchanges since September 7th, and #crypto‘s top market cap asset is making a 2nd run at crossing a $28K market value. Utility will be important here, as unique addresses have fallen to 6-week lows. https://t.co/JoJv9YYJsA pic.twitter.com/3JELGuzJRG
— Santiment (@santimentfeed) October 8, 2023
A recent survey shared by the IntoTheBlock platform highlighted that large Bitcoin holders are quietly optimistic. “Despite BTC falling to US$25,000 last quarter, we saw an inflow of US$600 million in a single day for wallets that held at least 0.1% of the supply. Three more peaks of more than US$400 million followed. Interestingly, these spikes occurred while exchanges were recording outflows, indicating organic buyers,” he reported.
Bitcoin Price Maintains Stability Despite Geopolitical Tensions between Israel and Hamas
Amid a global scenario of tensions and conflicts, such as the recent one between Israel and Hamas, the cryptocurrency market once again demonstrates its ability to withstand external turmoil. While the global media spotlight turns to developments in the Middle East, the crypto universe continues its course, almost oblivious to geopolitical issues.
Crude oil traders are not expecting a major increase in prices as there is no immediate threat to supply. But all eyes are on Iran (a country in the Middle East), a major oil producer and main supporter of the Hamas group that launched this weekend’s offensive against Israel.
At the time of publication, the price of Bitcoin was quoted at US$27,505.76, down 1.3% in the last 24 hours.
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