Cetoex News – Bitcoin has seen its price take a dip after the U.S. Department of Justice announced its plans to introduce international cryptocurrency enforcement. The world’s most prominent cryptocurrency saw its price hovering around $21,500 this morning but fell to $20,500 after the announcement.

Currently, Bitcoin’s price is sitting at about $20,800, which could indicate the reactionary dip was a small price development. Yet, the price action took place alongside news of better than expected, producer inflation data metrics released earlier today as well.

Bitcoin Experiences Small Price Fall

The year 2022 has been well discussed regarding its infamous price movements. The toll it took on some of of the largest entities in the cryptocurrency sector was felt by many. One of those was Bitcoin, whose price hit a miraculously low $15,000 in the month of November.

The cryptocurrency sphere has seen a redemption to start the year, however, as the price has surged beyond $20,000. Conversely, all eyes are on the price fluctuation as the market attempts to decipher whether or not the price rally is a sign of a market alignment or if something direr could be on the horizon.

With all eyes on the price, many took note of a rather large Bitcoin price dip that occurred earlier today. The cryptocurrency, which had moved above the $21,000 mark, had fallen to $20,000 with many speculating. Two macroeconomic factors could play into the slight dip.

First, the DOJ announced major enforcement action being taken against the cryptocurrency firm, Bitzlato. Prior to the announcement, however, many had anxiously awaited the unclear contents of that press conference being held by Deputy Attorney General, Lisa Monaco. Subsequently, the price had seen a slight fall amidst the impending situation.

Alternatively, Crypto Slate noted a 4% drop amidst the metrics released in the U.S. Producer Price Index (PPI). The numbers were better than expected, as December 2022 showed a PPI of 6.2% year over year, which beat the projection of 6.8%. Additionally, that data is said to be a signal of “easing inflationary pressure, giving scope for the Fed to slow its current pace of interest rate hikes.”

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Cetoex News – It has undoubtedly been a down year for the industry as a whole. Yet, the most affected could end up being exchanges following the bankruptcy of FTX, and transparency concerns with investors. Amidst this, Coinglass data has shown 44,444 Bitcoin have been taken off exchanges in the last 30 days.

That number reflects investor behavior in the last month alone. Moreover, the massive number of BTC being withdrawn equates to a staggering $745 million. Whether or not this could indicate a continued shift toward self-custody is a narrative worth investigating.

Bitcoin Bolting from Exchanges in December

The events of the year have been undeniably concerning for the industry. With various digital assets performing under projections, the crypto winter crescendoed into one of the biggest scandals the financial sphere has seen in years.

The collapse of FTX continues to be the cryptos’ greatest tragedy. One of the premier exchange platforms in the world is uncovered as a fraud, and millions in customer funds are lost. Subsequently, user concern over the lack of transparency from other exchanges has only added threats to the market.

Cetoex News – Now, the implication of FTX’s demise on other exchanges is beginning to come into focus. Coinglass data has shown that 44,444 Bitcoin have left exchanges over the last 30 days. That number, equivalent to $745 million, is seemingly a continuation of a trend that has occurred since the FTX bankruptcy last month.

In early November, glassnode reported that the FTX collapse led Bitcoin investors to withdraw to self-custody at a “historic rate of 106k” per month. Comparatively, that November number is on par with only April 2020, November 2020, and the June and July months of 2022.

Additionally, Cointelegraph reported that the development, “appears to be the result of loundering confidence in centralized crypto exchanges.” Conversely, the 44,444 is a far cry from the massive amounts being pulled just a month ago. Still, the implications of the data development are worthy of observation.

Conclusively, of the exchanges bleeding Bitcoin, Binance remains atop the list. The last 30 days have seen 76,720.21 Bitcoin leave the platform. Evidently, the perceived transparency issue at the platform is impacting the statistics. However, its massive daily trading volume, and maintained over 500,000 Bitcoin shows it remains, far away, the largest holder of the digital asset.

NEWS BY – CETOEX NEWS