Bitcoin (BTC) Exchange Supply Drops to a 28-Month Low But Market Turbulence Continues
The month of September 2021 has been full of turbulence and volatility for Bitcoin investors. The Bitcoin (BTC) price has been on a continuous downward trend and has corrected more than 15% since the beginning of this month.
The Bitcoin on-chain fundamentals continue to show strength. On-chain data provider Santiment reports that Bitcoin supply at the exchanges has dropped to a 28-month low and was last seen during May 2019.
On the other hand, the supply of Tether (USDT) stablecoin on exchanges is on the rise. This indicates higher buying power among crypto investors.
Recently, there have been also instances of whales making purchases during the recent market dip. The whale accumulation is going strong during the recent BTC price turbulence.
On the other hand, developments w.r.t. the Bitcoin Lightning Network are also going strong. The Bitcoin Lightning Network has reached a new all-time high capacity in terms of the number of the node count, the channel count, and the channel capacity.
Crypto Market Turbulence
As said, this has been a month of strong volatility. After a great opening this week, the entire crypto space is under pressure today and down another 4%. Bitcoin is down by 3.5% and is currently trading at $42,551 levels and a market cap of $801 billion.
On the other hand, Ethereum (ETH) faces a similar fate. The world’s second-largest crypto has failed to hold above $3,000 levels and is down 5.77% trading at $2,942.
Cardano (ADA) is down by another 4% today and faces a daunting task to hold above its crucial support levels of $2.0. For the short term, it is clear that the bears are clearly dominating the bulls. However, if the $2.0 support is lost, the world’s third-largest crypto will quickly slide further.
Monday’s star performer Uniswap (UNI) has also lost 8.62% and is currently trading at $22.85 today. The overall altcoins space has lost more than $50 billion in the last 24-hours.Source