After a day’s trade below $19,000, the world’s first cryptocurrency, Bitcoin has regained $19,000 price levels. Yesterday, on September 7th, Bitcoin had plunged to $18.6k, the level that wasn’t seen since July. Though there was some resistance yesterday, the overall market is being hit by sell-off.
At the time of publication, bitcoin is trading at $19,315 after a 2.92% increase over the past 24 hours.
Meanwhile, the industry experts claim that the crypto exchanges are witnessing an increased number of Bitcoin deposits by whales. As per the reports, around 90% deposits are made by whales.
The CEO of Cryptoquant, Ki Young Joo, said that around 15,000 bitcoins were transferred in the past ten days, some of which were transferred to the Kraken exchange. Kee Young claims that bitcoin was selling for around $20K in the early hours. It also says that this level is important as the 2017 bull market had an all-time high of $20,000.
Bitcoin Deposits Surge On Exchanges
Although bitcoin is glowing in the green, the currency remains well below its key level of around $23,000. Crypto experts point out that prior to the fall in the price of bitcoin, the exchange whale ratio was positive. This momentum suggests that whales are bullish on bitcoin as they are actively dumping BTC on exchanges.
While the crypto exchange’s deposit ratio is increasing, the global crypto market’s liquidation has hit beyond $360 million in just 24hrs. As per Coinglass reports, Okex exchange was the one that saw a massive single liquidation that accounted for $2.57 million.
The figures also claim that around $125.6 million has been liquidated from bitcoin in the past 24 hours and that around $107 million worth of bitcoin has been moved into long positions.
Though there are some positive sentiments around, the global crypto market cap is still below $1 trillion as it is positioned at $978.84 Billion.
