Bitcoin demand has been surging in the market, making the price reach new levels. However, the supply of crypto has been diminishing as Chinese miners face challenges cashing in their earnings. The Chinese government has focused its efforts on local exchanges, making it hard for Chinese Bitcoin miners to cash quickly.
An exchange firm from Singapore, QCP Capital, said that the diminishing supply provides the rally’s upward slope’s best conditions. They further claimed that this imbalance is leveraging funds going into the market, creating a more stable market even in the face of the recent rally.
The table below shows the movement of Bitcoin prices from 18th April to 18th November 2020.
As of 30th November this year, BTC’s price was approximately $19,000 as per the Coin Metric report and is nearing $20,000. The price then dropped and is now at around 17,770USD. In 2020 alone, Bitcoin prices shot to 154% showing how well Bitcoin is getting established as a stable digital currency.
A state of suspense in the Bitcoin market
In Bitcoin books, there is an increased Bitcoin inflow in exchanges as a response whenever there is a price spike. However, this time around, there is an entirely inverse situation; prices are spiking, yet Bitcoin supply is reducing.
Michael Sonnenshein, the managing director at Grayscale crypto company, also shared his opinion on “Squawk Box.” He said that the direction Bitcoin prices would go is unpredictable. However, if there is any truth in Grayscale inflows indications of investors in the assets and their capital, this would be just the beginning.
Exchanges in regards to the Bitcoin rally
Many exchanges have been known to provide the best and updated Bitcoin prices. Extoid is an exchange rapidly growing, and experts’ opinions say that it is one of the top three exchanges to watch in 2021.
Extoid has majored in trading Bitcoin as opposed to altcoins. Some of its features that make it a top hit includes: state-of-the-art program, affordability and reliability. After creating an account with Extoid, you are assured of your account’s safety and an around the clock market availability.
During Bitcoin rally moments like these, Extoid keeps you in line with the market as their dashboards are updated to keep up. There is a chart detailed to see the whole in a glance and trade wherever one sees suit. Many exchanges encounter liquidity troubles as they even take days to make payments. However, with Extoid, you can rest assured that any withdrawal will be completed in a short time.
Extoid’s customer support is available 24/7, solving any arising difficulties and troubles to ensure clients’ utmost satisfaction.