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Bitcoin [BTC] Price Crosses $10,200 As There Are More Inflows to Exchanges


There are more inflows than outflows at the top seven leading cryptocurrency exchanges, including Binance, BitMex, and OKEx, according to statistics from Token Analyst.

On average, $47.2 million was deposited and $44.9 million withdrawn on Feb 18, 2020.

Crypto Markets Correction

The revelation is a relief for the crypto market.

From price charts, it appears as if bulls are exhausted following parabolic rallies that saw the value of some digital assets like Ethereum Classic, Ethereum, and Tezos post impressive gains, pushing them to a new valuation.

Ethereum Classic, for instance, nearly tripled, soaring to around $3.5 in Q4 2019 to $11 in Jan 2020.

Similarly, Tezos (XTZ) boosted by new developments and heavy involvement from the French—including a research team with links to the government working on Tenderbake, and French Army and the Information & Public Relations Center (SIRPA), soared to new all-time highs.

Tezos XTZ Market Performance
Tezos XTZ Market Performance | source: Coinstats.app

Other altcoins posted extra-ordinary performances as well thanks in part to a bullish Bitcoin which for the first time in 2020 broke above $10,000. The level is an important resistance level.

Traders are Bullish

The inflow of new cash into the crypto market is definitely a mark of confidence. It also shows that market participants, despite the recent lull, are bullish of what lies ahead.

Specifically, the buzz around Bitcoin halving is creating an aura of expectation. Previous events saw prices rally in subsequent months.

However, compared to leaps made in recent years, this year’s halving could either thrust BTC prices to new highs, or see price flat-line before dropping even if demand is constant, or even higher.

Bitcoin Halving: will Price Drop or Rally after May 2020

Debate around post-Bitcoin halving price trajectory varies.

Bitcoin BTC Halving
Bitcoin BTC Halving

Some analysts and crypto commentators are expectant that more gains are in the pipeline because market forces are yet to price in BTC’s forthcoming rally.

Yet some are adamant that the rally to $10,500 marks the tipping point of BTC prices. Subsequent sessions, they believe, would see prices crumble.

US Plans to Regulate Cryptocurrencies

The optimism also comes when US government officials plan to draft laws that would shield the USD hegemony and discourage the use of cryptocurrencies, especially Bitcoin—partly because of its popularity, and privacy coins like Monero.

The contention is that privacy coin mixers and obfuscation of transactions are illegal.

News Source

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