In the early hours today, Bitcoin had slumped below $30,000 for the first time since July 2021 as the global cryptocurrency market is descending with the decreased interest of investors and surging inflation.
The world’s first cryptocurrency dropped as low as $29,764 in the early hours today before reclaiming $30,000. At the time of reporting, Bitcoin Price is changing hands at $32,568 with a plunge of 2.83% over the last 24hrs.
Bitcoin Exchange Inflow Surge!
As per the on-chain data, there has been a massive number of Bitcoin deposits on the exchanges. The CryptoQuant data reveals that the Bitcoin’s exchange inflows have reached a 1-year high along with spot exchanges hitting a two-year high.
According to an on-chain data put forth by Santiment, reveals that on Monday, there has been a transfer of more than 40,000 Bitcoins to the exchanges, this is the largest single-day inflow after December 2019.