Researchers from the CryptoQuant team found that the May drop in the value of bitcoin is markedly different from the December pullback.
Recall that last Saturday, on some trading floors, the digital currency fell below $ 43,000. However, on Sunday, the situation stabilized, and now BTC is trading above $ 50,900.
In May 2021, the cryptocurrency market also experienced a collapse, with the BTC rate falling to $ 34,700. The CryptoQuant company report says that there is a big difference between the May and December pullbacks.
In the spring, the fall in the value of the cryptocurrency was observed against the background of an increase in its exchange balance. Investors usually withdraw bitcoins to trading platforms for their further sale. This is exactly the tactic we saw in May, analysts emphasized.
In November-December, a completely different trend was observed. The value of BTC fell against the backdrop of a decrease in the volume of cryptocurrency on exchanges.
The inflow of coins was recorded just before the strongest drop on December 4. Then the exchange balance of bitcoin began to fall again.
In the spring, investors sent cryptocurrency to the trading floor, the same tactic was applied in June-July. As a result, we saw the price drop to $ 29,800 at the end of July.
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