Bitcoin Inter-exchange fell to lowest levels since 2017: Report
A recent report showed that Bitcoin inter-exchange has fallen to its lowest levels since 2017, with daily transfers dropping to 2,004 on January 1, 2023.
The downward spiral was linked to market volatility in a report published by BanklessTimes.com.
The report explained that the volatile nature of the cryptocurrency market is making traders hesitant to transfer their assets from one exchange to another for fear of incurring losses.
It further attributed the decline to exorbitant exchange fees and liquidity issues, explaining that traders find it difficult to move their assets due to the high exchange fees frequently charged to transfer cryptocurrencies.
The report also stated that the decline in BTC inter-exchange transfers could be attributed to liquidity issues at some exchanges.
The report mentioned that lack of liquidity might make it challenging for traders to buy and sell cryptocurrencies, which would lead to fewer transfers between exchanges.
Commenting on the report, Jonathan Merry, the CEO of BanklessTimes, explained that many traders are hesitant to move their funds due to uncertainties in the crypto market.
“The drop in BTC transfer is significant as the crypto market has been volatile for some time. Many traders are hesitant to move their funds due to the market swings, and this might be the reason why the inter-exchange transfer has taken a dip,” Mr Merry said.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Heading 5
Judge declares mistrial in Lindsay Clancy murder case
Prosecutors argued that Ms Clancy was of sound mind when she committed the killings.
Heading 2
Canada unveils new vertical $20 bill featuring King Charles III
“You’ll start seeing this $20 bill in circulation early next year,” the Bank of Canada said in a statement.
World
EPL: Iroala secures first win as Liverpool edge Ipswich 2-0
Isak was close to completing a hat-trick, after his goal was ruled out after he was found offside.
Heading 4
UEFA slams four-match ban, £50,000 fine on Guendouzi over Champions League playoff clash
The sanction on Guendouzi also carried a one-year probation.
Lagos
Lagos: LNSC nabs 130 suspected hoodlums in early morning raid
Mr Oyekan said the operation followed reports of criminal activities targeting motorists.
Faith
2027: Christian, Muslim youths sign peace accord in Abuja
The peace accord aims to promote peaceful coexistence ahead of the 2027 elections.
