On October 5, the Bitcoin price reached a new all-time high amid the rapid depletion of BTC reserves on centralized exchanges.
For the last week kriptovalyuta rose 15% in a spectacular bull run. On Sunday, the coin’s price reached an unprecedented $125,736, and its market capitalization reached $2,5 trillion for the first time in its history.
BTC price rise
The upward trend was accompanied by a decline in the amount of Bitcoin held by trading platforms. Over the past 30 days, exchange clients withdrew nearly 170,000 BTC, worth $21,3 billion at the current exchange rate, and digital asset reserves on platforms fell to a five-year low of approximately 2,84 million BTC, worth $355,9 billion.
Changes in the number of bitcoins in the balance of trading platforms
«I heard that exchanges are running out of Bitcoin. The BTC shortage may be officially recorded for the first time on Monday at 09:30 AM. Exchange employees called me today [October 4]. I told them we’re not selling [Bitcoin],» said Matthew Siegel, head of digital asset research at VanEck.
Given Siegel’s statement, it can be assumed that the upward trend in the BTC market will continue next week, and the price of the virtual currency will set a new record. It’s quite possible that the digital asset’s price will rise to $130,000 by the weekend. In this case, Bitcoin will rise in price by 37,7% since the beginning of the year.