Investors withdraw BTC from exchanges, and China to launch digital yuan in May
Investors withdraw bitcoins from exchanges
And this indicates a likely price increase, Glassnode experts say.
According to the platform, the number of coins stored on exchanges decreased by 10% from the highs seen in January.
“Investors are withdrawing Bitcoin from exchanges — potentially indicating a shift to longer-term holding strategies.BTC balances have fallen nearly 10% from the highs seen in January,” Glassnode said.
A similar opinion is shared by Coindesk analyst Omkar Godbow. Traders usually withdraw coins in anticipation of growth and replenish balances at the platforms if they expect depreciation to be ready for sales. Now holders of coins are counting on the rise in the price of the first cryptocurrency due to May halving, the expert believes.
China to launch digital yuan in May
Chinese authorities are the first of the largest countries to launch a digital currency, China Star Market reports.
In May, the national cryptocurrency of the Central Bank of China (DCEP) will be tested by civil servants in the city of Suzhou. They will receive half of the subsidies for commuting costs in tokens, which will be transferred to special digital wallets.
Four state-owned banks will be involved in the issuing of the digital yuan: Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China and China Construction Bank. Alipay payment system also confirmed participation in the project.