2023-09-09 13:33:44
Despite the fact that 5000 BTC were added to the exchanges in the last few days, the coin has so far avoided the September predictions and its exchange rate has remained stable. Between September 6 and 7, more than $128 million worth of bitcoins flowed into crypto exchanges, according to data from Glassnode. According to the platform, bitcoin balances on the exchanges have increased in the past two days, on September 6, the total value of bitcoin balances was 2,304,401 BTC, and this number has now increased to 2,308,388. And while a huge amount of bitcoins have entered the exchanges, the price of the cryptocurrency has remained stable, and even rose above $26,000 on Thursday, adding 1.19% to BTC’s market cap. Nevertheless, the price increase was probably only temporary, as it has since fallen back to the usual $25,800 level in recent days. The price of bitcoin may fall once more For now, bitcoin has had a better August than September, and according to Gracy Chen, managing director of Bitget, it will probably stay that way. According to Chen, the BTC exchange rate in September depends on many factors, such as the Federal Reserve’s interest rate decision. He noted that a rate cut might be coming as the Fed appears committed to cutting interest rates to 2%. The managing director of Bitget also added that due to the stagnation of the exchange rate, fewer people will buy BTC, and because of this, he expects that bitcoin may fall to $24,800, but following that the recovery may come once more: “In September, unless there are significant negative factors in the market, BTC is predicted to hit its previous low of $24,800 once more due to the loss of trading momentum. A rebound is expected following that, with the $27,500, $28,000 and $29,000 levels to watch.”
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