Bitcoin, Ethereum Exchange Flows Settles Down; Bull Run When?
Bitcoin Price New: The biggest digital assets like Bitcoin (BTC) and Ethereum (ETH) have been enjoying a relief rally since the beginning of 2023. The ongoing price rally has helped the crypto market to recover from the horrible collapse of 2022. However, recent data reveals that good times for the crypto market might be ahead now.
CEX collapse fear drops
As per the data provided by IntoTheBlock, exchange flows for Bitcoin and Ethereum have settled down now. This has been recorded as the lowest outflow since Sam Bankman-Fried’s FTX horrible crash. This also depicts that the centralized exchange related fears have been easing down.
However, a report by CryptoQuant stated that aggregate Bitcoin moved on the network has reached the low of 2020. This can be a positive signal for Bitcoin traders. 2022 saw some capitulation which led to some huge BTC movement.
Data depicts that a low activity has taken over the network. A trend reversal and some good high movement in coin trading can prove to be a good indication of a bull run ahead.
Bitcoin price spikes by 11%
Bitcoin price has surged by a whopping 11% in the last 24 hours. BTC went on to touch the crucial $21k price level. Bitcoin price registered a new high on November 8, 2022. BTC is trading at an average price of $20,926, at the press time.
Bitcoin’s 24 hour trading volume has spiked by 20% to stand at $38.6 Billion. However, data shows that more than $215 million has been liquidated from the network in the last 24 hours.
The world’s second largest crypto, Ethereum price has jumped by around 10% over the past 24 hours. The recent spike helped ETH to break the vital $1600 price level. Ethereum is trading at an average price of $1,553, at the press time.
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