Crypto Industry News:
According to data published by Chain.info, approximately 10.6% of the bitcoin supply currently in circulation is in the hands of just five centralized exchanges.
More than 1.96 million BTC is currently between the major exchanges Coinbase, Huobi, Binance, OKEx and Kraken.
Probably thanks to fiduciary services, Coinbase has by far the most, 944,904 BTC scattered around 4.39 million different wallet addresses.
Huobi ranks second with 323,665 BTC stored in approximately 901,600 unique wallets, followed by Binance with 289,961 BTC for nearly 2.7 million addresses. OKEx has 276,184 BTC in 339,000 wallets, while Kraken has 126,510 Bitcoins at 672,000 addresses.
The next seven exchanges in the list include – Bitflyer, BIttrex, Bitfinex, Poloniex, Coincheck, Gate.io and Bitstamp. They keep another 210,000 Bitcoins among themselves.
The data shows that many users still prefer to accept the risk of holding a significant portion of their assets on centralized exchanges, all despite the cryptocurrency’s fundamental ethos of decentralization and the mantra-repeated slogan “not your keys, not your Bitcoin.”
The percentage of the supply of BTC stored on five centralized exchanges may actually exceed 10%. Chainalysis estimates 3.7 million BTC, which has not changed in over five years, is likely to be lost. If this is true, then almost 15% of Bitcoin resources are currently stored on five centralized platforms.
Technical Market Outlook:
The bears took temporary control over the market and push BTC/USD back towards the technical support located at $11,223. Since then the BTC/USD pair has been consolidating in the narrow zone located between the levels of $11,439 – $11,250, still below the supply zone. Please notice, Bitcoin is now trying to enter the supply zone located between the levels of $11,646 – $11,785, so some kind of the bearish pressure might be seen. In that case, the price might pull-back towards the technical support seen at the level of $11,223 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.
Weekly Pivot Points:
WR3 – $12,712
WR2 – $12,078
WR1 – $11,737
Weekly Pivot – $11,125
WS1 – $10,786
WS2 – $10,156
WS3 – $9,820
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.
The material has been provided by InstaForex Company – www.instaforex.com
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