Over $1.5 B in Bitcoin Was Withdrawn in One Week
As exchange users continue to move Bitcoin from exchanges to non-custodial wallets, cold feet are in charge. In the last week, exchanges have seen a $16,547 outflow of Bitcoin as users become concerned about security and regulatory scrutiny. US exchanges have seen significant Bitcoin balance reductions.
In the week following the solvency fiasco, users appeared to heed the warning, withdrawing over $3 billion in cryptocurrency and ordering an unprecedented number of hardware wallets.
The Data Show that The Trend in Exchange Withdrawals Is Still in Place.
Net withdrawals have outpaced deposits on nearly all major platforms in the last seven days. Gemini has experienced the greatest weekly drop, with nearly 30,000 Bitcoin lost, followed by Kraken, Binance, and Coinbase. Bitcoin (BTC) has experienced an ambiguous market trend as bears and bulls compete for market control. On the other hand, the bulls have been eradicated in recent hours. Prices fell by 2.25% to $16,594.90. Decentralized finance protocols have been developed, non-fungible tokens (NFTs) have grown to rival Ethereum (CRYPTO: ETH), and new business models have emerged. Solana has roughly the same number of users as Ethereum today.
According to Solana Solscan blockchain data, there are over 500,000 active wallets and over 1,000 active programs on Solana. To put things in perspective, there were 31 active programs on April 1, 2021, so the community is growing quickly.
Regulators worldwide, who were already looking into increasing crypto supervision following the market fallout earlier this year, are now looking into tighter requirements with renewed vigor following the collapse of a multi-billion dollar cryptocurrency exchange. Bitstamp, a European cryptocurrency exchange, now has the country’s central bank’s permission to operate in Spain.
Bitstamp can now provide virtual currency exchange services for fiat currency and electronic wallet custody services to Spanish users.