Bitcoin Balance falls to a 13-month low
For quite a while, the news dominating the crypto world has been revolving around Bitcoin and why wouldn’t it? Bitcoin has always been the highest valued cryptocurrency and investors and Hodlers jump at the slightest noise in the works. After the all time high in December 2017, Bitcoin has not seen that big a jump in nearly 3 years but there is still hope. There are still experts claiming that Bitcoin will one day breach the $100,000 mark but currently, that does not seem like the case. As far as the price is concerned, Bitcoin is revolving around the $9,100 range at the time of writing and might go down even lower but the real insight that escapes many crypto enthusiasts is the fact that Bitcoin balance on Exchanges have fallen to a dangerously low number. From the Bitcoin balance of 2,912,856.358 on 12 March 2020, it has now dropped to 2,629,751.011 BTC. The numbers might not make a big difference to some but to those whose lives revolve around Bitcoin, might have different opinions. The way things are going, the ones taking Bitcoin off the exchanges are expecting a Bull run very soon.
Now coming on to the real question. Why is this happening? Most people would be confused at this sight as Bitcoin is currently dropping. Why would people prefer to HODL instead of trading right now when the price is decreasing? Any amateur trader would have jumped at the first hint of a price drop to avoid a loss and that is a strategy used by some. But why are people HODLing? The simple reason is that they expect and forecast Bitcoin to skyrocket soon. With the users taking out their bitcoin from exchanges, they can keep their assets secure once the price goes up. With the way decentralized networks work, all assets of all people are viewable by others due to the concept of Blockchain. It is that fear of being targeted once the price goes up that is making these users take such a drastic measure. Currently out of the limelight, those users that leave their coins on exchanges will be the center of attention for questioning or possible hacking. It goes without saying that even Binance which is highly ranked by a global audience has been hacked twice. People investing in Bitcoins do not want to take the risk and rightly so. Bitcoin is still relevant and lives are made on it.
Whether Bitcoin will increase in value and prove all these people right in their prediction is still a mystery. No one really knows what will happen a year from now but there exist experts who have already predicted that Bitcoin will rise to even higher ranks. That being said, it might be a good idea to invest right now. What do you think will happen? Will Bitcoin really go up? How low will the Bitcoin balance go before things settle down. Is there really a strategy to this? If you have your own opinion on this topic, drop us a message in the comments or any of our social links @tyslinofficial and we will be sure to feature you and your thoughts.