Over 10K BTC Sold off in Coinbase, Amidst Year End!

Over 10K BTC Sold off in Coinbase, Amidst Year End!
  • Coinbase has sold more than 10K BTC in 24 hours till new year’s eve.
  • Binance, OKEx and other exchanges face an increase in their BTC incomes.
  • The want for BTC amidst the new year continues madly.

Not always that such buying of Bitcoin (BTC) occurs. True to the fact that the BTC is right now at low prices, many intend to stock up as much as they could in spite of the year’s end. 

Accordingly, the Coinbase exchange, the largest crypto exchange of the United States, gives out the fact that BTC sell offs have been quite radical and non-stop since December 30. 

Coinbase Sell-off of 10K BTC

In spite of the new year’s eve, and the fact that the prices of BTC are currently low, people stormed to get hold of the digital gold as much as they could. Besides, the Coinbase exchange states that the BTC buying started by December 30, about 24 hours till new year’s eve. And so by the end of December 30, Coibase had sold off about 9,925 BTC. 

In addition, the hunger appetite for BTC continues and investors dives in to get hold of BTCs even more. 

Majorly, two factors are involved towards this mass buying of BTCs. Firstly, the fact that being the year end, the price of BTC will for sure soar up shortly with the new year coming and possibly during the first quarter of 2022. 

Secondly, the current price of BTC stands at around $48K, which is indeed a low price for the digital asset. Taking these two factors, investors are in a rage to buy as much as BTC as they could. 

Binance Adding 66,600 BTC

It’s obvious that all the BTCs being sold have to be stored into other exchange wallets. And so, as BTC buying increases on one side, on the other side, the incoming BTC for certain exchanges has surged up drastically over the past few days. 

Besides, the Binance exchange platform has so far received about 66,000 BTC for the month of December alone. Taking the past 24 hours into consideration, Binance has received about 840 BTC and the OKEx exchange has received about 767 BTC.

In spite of all this, Binance and OKEx have previously stated that major BTC sell-offs are to happen close to the new year’s eve. 

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.