Not only has Bitcoin reached its highest value in weeks, but it’s also seen record trading activity last week.
On Tuesday, its price broke the $20,000 mark for the first time in more than three weeks. A day later, the price of one BTC went all the way to $20,775.40, its highest value in six weeks.
Then, on Thursday, another milestone was set – 55,000 BTCs were withdrawn from Binance, the world’s largest crypto exchange.
Biggest BTC Withdrawal in History
According to cryptocurrency analytics agency CryptoQuant, the withdrawal of Bitcoins that happened on Thursday, October 26 is the biggest in history. Only at Binance, we saw more than 55k BTC being moved out, which equals roughly $1.1 billion.
The total number of BTCs moved that day is 94,024, but some of them were moved from one exchange to another. When it comes to the BTCs that were withdrawn from crypto exchanges, that number is 71,579.
The obvious explanation behind the sell-off is that BTC has finally regained some of its value, despite being way below the record price it reached less than two years ago.
Crypto Winter Isn’t Ending Anytime Soon
It’s safe to say that we’re currently in the period of Bitcoin winter, which won’t end any time soon. The bullish action we witnessed earlier this week might not be anything other than a short-term glitch.
Some analysts, however, believe that the recent price increase is a sign that the crypto winter might not be too extreme and that BTC won’t go under $20k.
The reason for optimism is that the FED might change some of its policies, which could benefit the crypto industry. The thing is that the Federal Open Market Committee (FOMC) is having another meeting on November 2, when the panel will decide whether to change its policy on rate hikes.
Hopes are high in the crypto community, but leading analysts disagree. According to JPMorgan strategist Julia Wang, the chances are that nothing will change drastically.
