The Number of Bitcoin Addresses Surges on This Sell-Off

Recently, Chief Investment Officer at Moskovski Capital, Lex Moskovski, spotted the number of Bitcoin accumulation addresses. According to him, the number of Bitcoin addresses has surged on this sell-off.

Moskovski spotted the surge on Glassnode. Glassnode, the crypto market data aggregator shows the number of unique addresses that were active in the network, either as a sender or receiver. Notably, only addresses that were active in successful transactions are counted.

Although Bitcoin saw its price decrease to $30,000 last week, the number of addresses holding bitcoins has drastically risen. The largest crypto by market cap crossed over 24 million unique addresses actively sending or receiving BTC over the month.

Recently, the market continues to fall as Bitcoin reacts negatively to some news. In a meeting held last Friday, China considered strict anti-crypto regulations. China’s Financial Committee discussed ways to reduce financial risks in the country. The said council, headed by its Vice Premier Council Liu, thinks it ensures a powerful economic cycle.

Further, China has also banned financial institutions and payment firms from offering services related to crypto transactions. Besides, it urged investors over speculative crypto trading.

Also, the panic selling that was triggered by Elon Musk’s Bitcoin comments affected the market. A majority of new crypto investors have been selling off their coins, even at a loss.

At the time of writing, Bitcoin is trading at $34,560, according to CoinMarketCap.

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Source: https://coinquora.com/the-number-of-bitcoin-addresses-surges-on-this-sell-off/