Bitcoin supply on exchange
Crypto Signals Bitcoin / The number of Bitcoin held on exchanges has fallen to a six-month low as the bear market continues to drag on.
According to data shared by on-chain analysis company Santiment, Bitcoin’s supply on exchanges has witnessed a continuous drop over the past couple of weeks, particularly since mid-May. The firm noted in a tweet that:
Bitcoin supply on exchange
Santiment asserts that Bitcoin’s decline on exchanges is a positive thing since the unavailability of the asset on exchanges could prevent any major sell-offs.
The number of Bitcoin on exchanges is not the only thing that has taken a hit. Bitcoin’s price is also struggling to stay above $35,000. As of press time, the flagship currency was trading at $34,700. However, it appears there is a lot of accumulation going on at this time.
Similarly, Bitcoin’s mining difficulty also saw a 28% drop following China’s extended ban on crypto mining. Several miners have been forced to seek refuge in more crypto-friendly regions.
Bitcoin supply on exchange
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The Philippine Stock Exchange (PSE) is aiming to be first in line when financial regulators give the green light for crypto asset trading in the country.
On Friday, July 2, CNN reported that PSE president and CEO Ramon Monzon said the local bourse should be the country’s first exchange platform for crypto assets. He stated:
Bitcoin supply on exchange
The country’s stock exchange is now awaiting guidelines from the Philippine Securities and Exchange Commission and other financial regulators.
Despite his eagerness to support crypto asset markets, Monzon warned of crypto’s volatility, stating: “instant riches could be instant poverty too.”
Related: Crypto in the Philippines: Necessity is the mother of adoption
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In January, the central bank established new guidelines for crypto asset service providers after witnessing accelerated growth in the use of digital assets over the past three years.
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