Cryptocurrency exchanges have experienced the highest inflow of Bitcoins since March last year, according to data provided by analytics firm Glassnode. According to its experts, last May 18, 22,900 Bitcoins were transferred to crypto exchanges in just one hour.
Analyst William Clemente noted that over the past two days, the influx of Bitcoins to Binance has broken all records. In 48 hours, 35,000 Bitcoins valued at $1.40 billion were transferred to Binance (at the exchange rate of 12:09 p.m. CET).
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In this context, the price of Bitcoin on the morning of May 19 on Binance has reached a three-month low of $38,600 after falling 12% over the past day.
The widespread fall in the crypto market started on the evening of May 18 after it was known China has imposed a new ban on BTC.