Crypto investors are reportedly fleeing cryptocurrency exchanges, with historic outflows seen across the market. Bitcoin and Ethereum have experienced weekly losses of 20% and 22%, respectively, and the bulk of the market has seen a drop of between 20% and 30%. Despite rumours of an xrp settlement, some predict Bitcoin could fall to the bottom end of the $10,000 level, while others suggest a recovery to around $14,000 by the end of December, should the industry not completely collapse. Some investors think a bottom may come in early 2023.
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Investors Flee Crypto Exchanges Amid Historic Outflows
Foreign Welcome to Around the Blockchain, where we discuss the latest news and trends in the world of cryptocurrency. Today, we’re diving into the topic of crypto investors fleeing from all exchanges and historic outflows. We’ll also be having a little Q&A session.
The Panelists
On the top right, we have Crypto Keeper holding it down with the green light on, indicating a potential bull market. On the bottom right, we have Crypto Crow with a snazzy new background. Jason Appleton is on the bottom left, with Sin City Crypto possibly lounging around the office. Finally, on the top left, we have a sleeveless Ben Armstrong, looking like he’s ready for a trip to the Bahamas.
The Volatility of the Market
Let’s get right into the markets. Bitcoin has been largely flat, but the weekly shows a 20% decrease, while Ethereum is down 22%. Other cryptocurrencies are falling within the 20-30% range, making it a cool loft period for the market. Some would say that bitcoin’s price is historically low right now. Ben Armstrong suggests that an xrp settlement rumor is going around, and if it plays out, it could help the market bounce back. He predicts that bitcoin will bottom at around $10,000 to $14,000 next month.
Outflows from Bitcoin and Cryptocurrency Exchanges
Crypto Keeper adds to the conversation by discussing the withdrawals we’ve seen from bitcoin and cryptocurrency exchanges. He mentions the number of whale wallets with more than a thousand bitcoins, stating that they have decreased by around 2% in the past week. Crypto Crow thinks that we’re still early in terms of the bear market and that we haven’t seen the worst of it yet. While there may be catalysts that cause the market to react for a short period, he believes that the grand scale of things doesn’t necessarily change immediately. In the end, he predicts that we’ll still go down and won’t see a bottom until 2023.
In conclusion, while the market has been volatile lately, there are still potential settlements that could help the market recover. However, the panelists predict that we’re still in a bear market and won’t see a bottom until next year. The withdrawals from exchanges may also indicate some uncertainty and fear from investors. We’ll have to wait and see how the market pans out in the coming weeks and months.
