RATE Group | The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000
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The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000

28 May The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000

Posted at 19:26h in Bitcoin News by

Leading crypto exchanges are holding around 1.36 million BTC, worth around $12,880,000,000. The last time major trading firms had such low Bitcoin reserves, the price of the dominant cryptocurrency surged from $3,150 to $14,000.

Market data indicates a growing number of investors are moving their Bitcoin holdings out of exchanges. It shows traders have no intention of selling BTC at the current price of $9,400.

Top crypto exchanges record 1-year low Bitcoin reserves. Source: CQ Live

Why are Bitcoin investors moving their funds out of exchanges?

In the first quarter of last year, the price of Bitcoin ranged between $3,150 to $4,500 for nearly four months. When the inflow of BTC from exchanges started to decline, the cryptocurrency began to rally. Within three months, BTC increased from $4,000 to $14,000, recording a 250% price surge.

At $9,500, Bitcoin is seeing the same BTC inflow volume into exchanges seen in early 2019. Fewer traders are depositing Bitcoin to trading platforms, which…

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