According to the rear tweet by InTothheblock, Bitcoin, the first and largest encrypted currency according to the market value, witnessed $ 1.04 billion in net flows for exchanges this week. This mainly eliminated the three previous weeks of external flows, indicating a frequency in the market given the uncertainty in the last macroeconomic economy.
For each drawing by INTOTHEBLOCKThe total bitcoin fees decreased by 10.74 % to $ 3.2 million, while $ 1.04 billion represented exchange flows, with $ 1.3 billion flows.
Usually, large flows indicate the stock exchanges to a possible sale pressure. Traders are transferred to the stock exchanges for various reasons, which include selling. This reflection of the previous external flows demands speculation about the shift of the main price of Bitcoin, which is stagnated in recent weeks.
Meanwhile, Bitcoin continues to attract institutional attention. According to CNBC, Meme Game Stock Gamestop has turned into investment in Bitcoin and other cryptocurrencies, according to sources familiar with the matter. According to one of the informed, the company still determines whether this is in the interest of Gamestop business.
Bitcoin work
Bitcoin (BTC) organized a slight increase early in the American trading day on Friday, but this step faded. Moving to the procedure on Friday, Bitcoin rose to $ 98,980 after declaring retail numbers in January in the United States. The number exceeded analysts’ expectations a lot, raising the possibility of reducing a rate of federal reserves in the first half of this year.
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Bitcoin fell to nearly 94,000 dollars this week, as investors considered a set of economic headlines, including the upper consumer price index data.
In his appearance on Tuesday, Federal Reserve Chairman Jerome Powell repeated the central bank’s commitment to reduce inflation and indicated that officials are not rushing to reduce interest rates. Powell also told the Financial Services Committee that the Federal Reserve has made “great progress” for inflation since the Cycle Peak, but “we haven’t yet.”
The Bitcoin price has decreased by 0.21 % in the past 24 hours to 97,612 dollars at the time of writing this report, which represents the fifth weekend in a row. Bitcoin is located in a narrow trading range less than SMA Daily 50 from 98,758 dollars, expecting its next main movement.
