The charts for Bitcoin (BTC), according to the crypto analytics company Santiment, show a trend that might be negative.
According to Santiment, 1.69 million Bitcoin worth $33 billion were transferred between September 7 and 13.
According to the statistics provided by Santiment, this marks the week with the highest growth in the amount of money received since October 2021.
Based to data that was published by Santiment in 2021, the value of cryptocurrencies often decreases by an average of 5% after major rises in the amount of exchange inflows.
The analytics organization examined the price fluctuations of 1,000 crypto assets, each valued at least $1 million.
Santiment said this week that cryptocurrency traders aren’t buying the decline, an indication of market uncertainty and worry.
After yesterday’s plunge, cryptocurrency investors appear to have acclimated to the frequent and dramatic price reductions triggered by inflation fears.
When prices were going up three days ago, there was a lot more interest in making purchases, but today there is a lot less of that enthusiasm. This fits the profile of FUD well.
As of this writing, one bitcoin is worth $19,749. The market capitalization of the most popular cryptocurrency has dropped 0.73 percent in the past day and week.
BTC is still down by more than 71% from its all-time high of about $69,000 in November of 2017, when it reached its record low.