The amount of bitcoin held on exchanges has been on a steady decline since mid-May, and at current level’s exchange supply is at its lowest since early January according to crypto analytics firm Santiment. With bitcoin selloff intensifying on May 19, culminating in a $1.2tn decline for the entire cryptocurrency market. Net inflows often foretell a steep selloff as more investors transfer their holdings from cold wallets. Also, Binance, one of the biggest crypto exchanges in the world, has been having run-ins with regulators globally. The regulator said that the company was operating its crypto exchange business in the country without a licence.

Source: Punch July 05, 2021 23:26 UTC