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Bitcoin holds to $19K as exchange outflows heighten. Is it an outright buy?

Bitcoin has held close to the $19,000 support for the past two weeks The…

The post Bitcoin holds to $19K as exchange outflows heighten. Is it an outright buy? appeared first on CoinJournal.

  • Bitcoin has held close to the $19,000 support for the past two weeks

  • The cryptocurrency has witnessed increased exchange outflows

  • Bitcoin lacks a directional movement, but the current price is attractive

Despite a tough month, Bitcoin BTC/USD holds strongly to the $19,000 support. As of press time, Bitcoin was trading at $19,275, a zone bulls have defended for the last two weeks. The stability comes amid positive price expectations.

As of the first day of October, Bitcoin outflows from exchanges hit “the highest amount in months.” According to CryptoQuant, the outflows were more than 61,000 BTC in three days to the start of October. The crypto analytics firm noted that the outflows suggested a rising demand for Bitcoin.

Ideally, all else held constant; exchange flows indicate price expectations in crypto markets. Outflows suggest that investors are adding positions since they are convinced of price appreciation. The converse is true during a period of exchange inflows. 

Bitcoin shows little upside amid price stability

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If we turn to the technical side, there is a limited upside for Bitcoin. However, it is a tug of war between bulls and bears at the important $19,00 level.

Source – TradingView

The MACD indicator shows a very weak bullish momentum. Despite a bullish crossover, the MACD is still in the bearish zone. 

Will Bitcoin rise or fall?

At the moment, Bitcoin lacks a directional bias. However, the cryptocurrency remains stable, making $19,000 the level to watch. Remember that Bitcoin has always defended the level since June. The recovery from the June lows was quickly muted by the macro woes.

With increased exchange outflows, it could be the potential trigger for a bullish reversal. Also, based on prior price trends, Bitcoin remains attractive at the $19,000 level.

The post Bitcoin holds to $19K as exchange outflows heighten. Is it an outright buy? appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit

Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above  per UnitWhile a large fraction of crypto assets dropped a great deal in value during the past few weeks and bitcoin is down 18.2% in 30 days, the exchange coin ftx token (FTT) still trades above a U.S. dollar per unit. Moreover, the unknown entity known as the ‘FTX Accounts Drainer,’ still holds the second largest […]

Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above  per Unit

While a large fraction of crypto assets dropped a great deal in value during the past few weeks and bitcoin is down 18.2% in 30 days, the exchange coin ftx token (FTT) still trades above a U.S. dollar per unit. Moreover, the unknown entity known as the ‘FTX Accounts Drainer,’ still holds the second largest FTT wallet with 45.85 million tokens worth $61.44 million.

FTT Remains Above $1 per Unit During the Past 2 Weeks Since the FTX Collapse

It’s been over two weeks since FTX filed for Chapter 11 bankruptcy protection and on that day, FTT was still trading for $3.46 per unit. 16 days later, FTT’s price has consolidated and during the past 24 hours, FTT’s been trading for prices between $1.33 and $1.39 per unit.

In fact, FTT has remained above a single U.S. dollar since Nov. 12, 2022, and it still has not breached the low it saw in September 2019, back when FTT traded for $1.15 per unit. On Sunday, Nov. 27, the exchange token backed by a bankrupt business has around $5.26 million in global trade volume. This week, FTT tapped a high of $1.53 per unit and a seven-day low of around $1.23 per FTT.

Since the inception of FTT, the ERC20 token has seen 411,970 transfers according to the blockchain explorer etherscan.io. On Nov. 27, approximately 24,874 wallets hold the FTT token but the largest wallet holds 195,869,338 FTT or 59.55% of the entire supply.

The second-largest FTT owner is the same person as the ‘FTX Accounts Drainer’ hacker and it holds 45.85 million FTT tokens worth $61.44 million using today’s exchange rates. The Bitdao holds 3,362,316 FTT and Wormhole holds roughly 2,818,904 FTT at the time of writing.

Between the largest and second-largest FTT addresses, more than 73% of all the FTT tokens are held by two entities. During the last seven days, there was approximately $7.69 million worth of FTT transactions greater than $100K. Prior to the FTX collapse and bankruptcy filing, Alameda Research held one of the largest caches of FTT. The former Alameda CEO Caroline Ellison has reportedly left Hong Kong to flee to Dubai.

What do you think about the market performance of FTT token during the last two weeks? Let us know what you think about this subject in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

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