RATE Group | Chainalysis Says Bitcoin Price Stable for now, but Future Uncertain
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Chainalysis Says Bitcoin Price Stable for now, but Future Uncertain

19 Mar Chainalysis Says Bitcoin Price Stable for now, but Future Uncertain

Posted at 06:47h in Cryptocurrency News by

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Chainalysis posted their report for the BTC market for March 2020. According to the blockchain and crypto analytics firm, exchanges have experienced a huge inflow of BTC since March 9, receiving nearly 319,000 of the cryptocurrency on March 13 alone. 

However, between March 12-13, almost nine times the average daily amount of Bitcoin was sent to exchanges to be sold, causing the price to plummet to $3,000s. This represented BTC’s biggest daily drop in the last seven years.

Has the price of Bitcoin stabilized for now?

Though the volume of crypto inflow remains high — twice the daily average — according to Chainalysis, the price of BTC appears to have stabilized for the moment. 

“The majority of excess bitcoin arriving at exchanges has been sold, and the worst of the oversupply appears to be finished for now.”

The firm offers some possible explanations for the price leveling out after such a tumultuous period. Though transfers between 10 and 1,000 BTC accounted for 70% of the…

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