Bitcoin price fell slightly, the amount of Bitcoin on Bitfinex increased by 30%

By Selena On Dec 26, 2019

It seems that Santa Rally did not save Bitcoin this year. Bitcoin price continued to decline slightly during the Christmas season, leading to the fall of many other cryptocurrencies. Meanwhile, the total Bitcoin supply on Bitfinex has increased sharply over the past month, despite falling prices. As of December 22, 2019, Bitfinex has held 204,150 BTC, an increase of nearly 30% compared to previously recorded data.

Bitcoin price continued to plummet during the year-end holiday season

Continuing the decline yesterday, today’s Bitcoin price is slightly down to $7,200. After falling out of the $7,000 mark for the first time since November, Bitcoin has not escaped the downtrend. If the $6,500 mark is broken, the price of Bitcoin could return to $5,500.

At press time, Bitcoin is being traded around $7,198, down 1% in value over the last 24 hours. During the above period, the Bitcoin trading volume was $23 billion.

If Bitcoin price drops, so does altcoin blood

Although Bitcoin has only decreased slightly, it is still enough to make the entire crypto market continue to dye red.

Ethereum (ETH) dropped to $125.8; Trading volume is at $ 6 billion. Ether capitalization recorded at $13.6 billion. XRP drops to $0.189. The latest 24-hour trading volume of this cryptocurrency is $1 billion.

Source: Coin360

The top 10 cryptocurrency group with the largest market capitalization has declined. Bitcoin cash recorded at $185.87, down 1.27% from the previous 24 hours. Litecoin lost 1% on the day, down to $39.85. EOS and Binance Coin (BNB) are both 2% lower than the previous 24 hours, recording at $2.48 and $13.22, respectively.

Total cryptocurrency market capitalization reached $189 billion, down slightly by $2.27 billion compared to the previous 24 hours.

The amount of Bitcoin on Bitfinex increased by 30%

Bitfinex marked a sharp increase in Bitcoin supply in the past month. As of December 22, the exchange held 204,150 Bitcoin, an increase of nearly 30% from previously recorded data.

Source: Coin Metrics

Similarly, the supply of Bitcoin on BitMex also increased sharply in the past month, from 246,937 to 255,741 Bitcoin. This is a closed figure with the highest landmark in the history of this exchange. This growth occurred despite BitMex revealing user email in early November.

Source: Coin Metrics

However, in the derivative market, BitMex is facing worthy rivals such as Binance Futures and FTX. FTX is a crypto derivatives exchange that has just been invested by Binance. According to data from Skew, FTX has a trading volume of approximately $500 million/day. The total trading volume of both Binance and FTX in the last quarter recorded up to $1 billion.Source: Skew

Tencent wants to explore the application of digital currencies

Cryptocurrencies have always received the attention of many companies. In China, Tencent seems to want to invest more deeply in this ecosystem.

Tencent is now addressing the potential threat of Facebook’s global stablecoin. Once launched, Libra can change the face of the worldwide payment market.

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