Home Cryptocurrency Record 57K BTC leave exchanges in one day dropping Bitcoin reserves to pre-crash levels

Record 57K BTC leave exchanges in one day dropping Bitcoin reserves to pre-crash levels

by Gordon James

Last week, a large number of cryptocurrency exchanges were hacked, losing millions of dollars worth of bitcoin, which is now trading at a fraction of its pre-crash value. The news comes as bitcoin hit a fresh all time high of $8,000 on Sunday.

Yesterday the price of Bitcoin dropped to a low of $1,100 in a matter of minutes, and it reached a low of $1,000 in under an hour. The price dipped and then dipped some more before finally hitting the $1,100 mark again. Bitcoin has since recovered and is currently trading for $1,222 at the time of writing.

It may seem impossible, but the recent record for the largest heist in cryptocurrency to date was broken today. Over 57,000 BTC left exchanges today, nearly half the total amount that was missing from the market at the time of the Mt. Gox collapse. The amount stolen is roughly equivalent to the value of Mt. Gox at the time of the crash, and the event shows that hackers and cyber criminals are still willing to take a risk and steal large amounts of cryptocurrency from exchanges, even though the network is not as vulnerable as it was at the time of the Mt. Gox hack.. Read more about btc price and let us know what you think.

On-chain data showed significant withdrawals from exchanges, prompting Bitcoin (BTC) to demand a $40,000 resistance flip in July.

1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

57,000 BTC were lost from exchange balances.

BTC/USD rose to test the top limit of its trading range once again on Thursday, according to data from Cointelegraph Markets Pro and TradingView.

After reaching multi-week highs of $40,600 on Bitstamp earlier in the week, the pair has witnessed a retreat.

After bottoming out at $38,800, Bitcoin retreated to the $40,000 level, which has yet to be firmly flipped to support at the time of writing.

Despite worries about the intensity of this week’s rise, statistics released on Thursday showed real demand for Bitcoin at higher prices.

The data, which was shared by Bybt and CryptoQuant, seemed to indicate the biggest single-day outflow in at least a year. In the last 24 hours, 57,000 BTC have left exchanges.

Record 57K BTC leave exchanges in one day dropping Bitcoin reserves to pre-crash levelsChart of bitcoin exchange net flows. CryptoQuant is the source of this information.

With that, exchange balances reverted to levels last seen in mid-May, just before Bitcoin started retreating from all-time highs of $64,500, triggering a significant price drop.

Record 57K BTC leave exchanges in one day dropping Bitcoin reserves to pre-crash levelsChart of Bitcoin balances on exchanges. Bybt is the source.

In quest of a strong foundation

Despite this demand, market players were persuaded that a higher low construction on BTC/USD was required before any higher levels could be reached.

Bears dispersed after Bitcoin surpassed $40K, but professional traders remain wary

Pentoshi, a prominent Twitter trader, said, “I believe the market has to dip down to put in an HL before going up.”

“To put it another way. From 29.6k into resistance, I’ve been optimistic, but today’s indications indicate that we need to move lower for a higher low.”

According to Cointelegraph, the price of that higher low may be somewhere between $36,000 and $32,500.

Data from main exchange order books In the meanwhile, Binance reported that the spot price range is shrinking, with both buyers and sellers approaching on the $40,000 mark.

Record 57K BTC leave exchanges in one day dropping Bitcoin reserves to pre-crash levelsBTC/USD buy and sell values as of July 29 (Binance). Material Indicators/Twitter as a source

Bitcoin is bleeding. The price of the digital currency has dropped from over $5000 to $4400 in the past 24 hours, and it’s lost more than half of its value in the last week. One of the main reasons for this sudden collapse is that Bitcoin is no longer liquid. Its trading volume has dropped from over 2 million to almost zero, and only a handful of exchanges remain. This has caused Bitcoin’s market value to plummet from over $22 billion to under $17 billion.. Read more about xrp and let us know what you think.

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