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The bitcoin (BTC) exchange rate at the end of last week again exceeded $ 55,000. On the night of Monday, October 11, the price of the cryptocurrency reached $ 55,300.
During the week, the capitalization of BTC soared by more than 15% to $ 1.04 trillion. The increase in the value of cryptocurrencies was a direct result of the weakening of pressure from sellers.
CryptoQuant analysts again drew attention to the ongoing outflow of bitcoins from trading platforms. Now spot exchanges have the lowest volume of cryptocurrencies since October 2017.
The fall in the BTC exchange balance will further contribute to the easing of pressure, which will have a positive impact on the price of bitcoin in the long term, according to a note prepared by a team of experts. Recall that in December 2017, for the first time in its history, BTC reached $ 20,000, but in 2018 it began to lose ground.
A similar situation was observed in the second half of last year. After the so-called “Black Thursday” in March and the collapse of the crypto market, recovery has already begun in the summer of 2020.
The upward dynamics of the cryptocurrency movement continued this year. In April, the bitcoin price tested values above $65,000 for the first time.
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