According to the latest report by Fortune, Bitcoin [BTC] has seen huge withdrawals than deposits in the month of April on Coinbase, the largest cryptocurrency exchange platform based in the U.S. The report is based on the recent analysis conducted on 500,000 users of Coinbase by Chime, a bank based in San Fransico.
Bitcoin [BTC] has seen a huge downfall since its December hike and the currency market situation suggests that the Bitcoin community is slowly giving up.
Bitcoin, the coin which led to the emergence of all the other cryptocurrencies in the market has been witnessing a huge downfall ever since it hit $20000 in the month of December. Ever since its fall, Bitcoin investors started to withdraw more than invest. The coin has seen a dip of more than 70% in the past 6 months.
The analysis conducted by Chime, states that the investors withdrew $1.37 for each dollar deposited on the platform in the month of April and $1.10 for each dollar deposited in the month of May. The analysis also suggests that some of the early adopters of Bitcoin have sold around $15 billion worth BTC, in the first four months of this year.
Chris Britt, the CEO of Chime says:
“Its human nature that investors often buy at the highest prices and sell at the lowest prices. While we can’t predict the value of Bitcoin in the future, I suspect we may look back at the current price a few years from now and see that these lower prices were a great time to buy.”
Meesterwes, a Redditor says:
“Bitcoin needs users not investors”
Disconnect04, another Redditor says:
“This is an absolutely incredible statistic . . . this thing has gone down 70% from the peak in December, and that’s the first month they’ve seen outgoing exceed incoming cash! The amount of bagholders generated in the last six months must be staggering. When this market capitulates the crash is going to be insane”
“I’m surprised Coinbase didn’t have “technical problems” when so many people tried to withdraw.”
“OK, this time, surely, finally …. This is GOOD for Bitcoin.”
According to CoinMarketCap, at press time, Bitcoin [BTC] was trading at $6396 with a market cap of $109 billion and has seen a rise of more than 8% in the past 24 hours with a dominance of 42.6% in the market.
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