Concerns over panic selling as major exchanges record huge Bitcoin outflows

16 Jul, 2019
by Richard Allen
Bitcoin
Concerns over panic selling as major exchanges record huge Bitcoin outflows

It hasn’t been the best week for cryptocurrencies as the market cap of many virtual currencies took a major dive, with the total market dropping around $70 billion. Now, according to data released by tokenanalyst, major exchanges are recording large capital outflows.

As per the data, exchanges like Binance, Bitstamp, and Bitfinex are reporting major capital outflows over the last 24 hours. In terms of Bitcoin, Binance experienced a decline of 34.66% over the last 24 hours regarding inflow capital. In terms of Ethereum, the exchange saw a decline of almost 62%.

Bitstamp is recording an outflow of $175.2 million worth of Bitcoin while just $52.1 million coming in, representing a decline of inflow by more than 31%. The trend continues with numerous exchanges, with many reporting a decline in Bitcoin inflow.

One potential reason for this is the market’s downtrend, with some speculating the bearish price action is resulting in “panic selling” among investors who are worried about further losses.

Following Bitcoin’s 2019 yearly high of $13,800 set on June 26, the king cryptocurrency soon fell and has yet been unable to return to its previous levels. At the time of writing, Bitcoin is down over 4%, just managing to stay above the $10,000.

 

BTC/USD chart provided by Tradingview

 

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