Bitcoin (BTC) continued to decline on Nov 26 as selling pressure turned into its largest USD-denominated loss since March.

Bitcoin Price Falls More Than $ 3,000 In 24 Hours
Data from Cointelegraph Markets and TradingView tracked BTC / USD as it lost $ 17,000 support and hit a new local low of $ 16,300.

At the time of this news release, the rebound was within $ 16,800, but high volatility remained. The recent losses continue in a downtrend that started Wednesday night shortly after Bitcoin hit its highest level of just under $ 19,500.

At the same time, the main exchange OKEx announced the resumption of withdrawals. Key Young Jo, Founder of Chain Analysis Service CryptoQuant, highlighted the growth in streaming activity from OKEx to both wallets and other exchanges.

In his latest update on Twitter, he wrote: “At that time, BTC flows from OKEx to all other exchanges were 493 BTC.”

83% of the total outflow was directed to off-exchange portfolios as reserves. In the long term, this could be a bullish signal. ”
US regulatory warnings
Additional bearish fuel came from Brian Armstrong, CEO of Coinbase, who commented on recent rumors that the United States is planning to introduce new rules governing the self-service of cryptocurrency wallets.

“If this encryption law were passed, it would be a terrible legacy and have negative, long-term consequences for the United States in the early days of the Internet, it was people who were demanding regulation, just like the telephone companies. He warned that they didn’t, thank God.

Source: CoinTelegraph

LEAVE A REPLY