Crypto investors have resumed the withdrawal of bitcoins from exchanges, while the US stock market continues to climb to new highs.
According to the Glassnode service, the 7-day average bitcoin inflow to exchanges turned negative a week ago and amounted to -5,924 BTC on Sunday. According to IntoTheBlock, exchanges left $ 3 billion in bitcoins over the past week, the largest churn in 5 months.
“The arrival of cryptocurrency on exchanges may indicate an increase in selling pressure, while the conclusion potentially indicates an accumulation,” explained Lucas Outumoru, an analyst at IntoTheBlock.
The S&P 500 and Nasdaq Composite rose 3.8% and 3.6% over the past week, their largest since early February. The growth comes despite reports of inflation in the US rising to a maximum in 40 years, which, in turn, could push the Fed to curtail its crisis stimulus measures. The Dow Jones interrupted the four-week fall with a 4% rally, while Bitcoin, which had declined for three consecutive weeks, surged 1.2%.
Risk assets declined in the second half of November and early December amid unrest over the omicron coronavirus strain and statements by Fed Chairman Jerome Powell about a possible tightening of monetary policy.
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I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.
