As per the fresh report by Glassnode, a total of 32,000 Bitcoins (BTC) have been withdrawn from BitMEX. The withdrawal happened just a few hours back in three large batches. It means that investors pulled out nearly 19% of the total BTC held by the exchange. This has also been the largest hourly BTC outflow from the exchange, a whopping $320 million.
Update: Another batch of ~6k BTC was withdrawn from #BitMEX in the past hour.
— glassnode (@glassnode) October 2, 2020
Soon after the CFTC announcement on Thursday morning, seemed to be under selling pressure. At press time, Bitcoin is down 4.15% trading at $10,443 with a market cap of $193 billion. Bitcoin (BTC) lost around more than $400 over the last 24 hours but still maintains above its crucial support of $10,000.
Overall Crypto Market Enters Major Correction
At press time, the overall crypto market looks in deep red. Apart from Bitcoin, almost all other top ten cryptocurrencies have corrected between 5-10%. The latest crypto market correction comes as stock markets come under heavy pressure after U.S. President Donald Trump tests positive for COVID-19.
The Dow Jones Futures (DJIA F) entered a sharp correction soon as the news broke out a few hours back. This is yet another proof that the crypto market moves in tandem with the stock markets. While Bitcoin entered a deep correction, the gold price shot soon after the news further widening the gap between Bitcoin and Gold correlation. The below chart shows that the gold price jumped to a high of $1916/oz in the last six hours. However, it failed to break the $200 ceiling. At press time, Gold is trading at a price of $1908/oz.
Interestingly, popular crypto analyst Willy Woo called the CFTC charges as a necessary cleanup to make way for Bitcoin ETF.
CFTC is wrecking BitMEX for wrecking Bitcoiners. It’s a necessary clean up step before an ETF can be approved. This is one of those “the herd is coming” events.
— Willy Woo (@woonomic) October 2, 2020
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