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The well-known crypto commentary platform Altcoin Daily took to Twitter on Tuesday to comment about the movement of certain cryptocurrencies on exchanges. According to their post, Bitcoin (BTC) is currently leaving exchanges “en masse”.
The Bitcoin and crypto investor Lark Davis also shared his opinion on this matter and explained that the FTX collapse has led to paranoia in the crypto market which is motivating people to get their Bitcoin off of exchanges as fast as possible.
In a follow-up post from Altcoin Daily that was also posted on Tuesday, the platform shared that in contrast to the mass panic surrounding Bitcoin at the moment, stablecoins on exchanges are now at an all-time high.
Bitcoin / TetherUS 1D (Source: CoinMarketCap)
According to the crypto market tracking website CoinMarketcap, BTC is currently trading hands at $16,795.95 after a 0.17% drop in price over the last 24 hours, and after reaching a low of $16,681.50 over the same time period. The crypto market leader is also still in the red by more than 7% over the last seven days.
On the other hand, BTC was able to strengthen against its biggest competitor, Ethereum (ETH), by about 1.54% over the last day.
Also in the red for BTC today is its 24-hour trading volume which is currently standing at $34,795,988,329 after a more than 17% drop. At the moment, BTC’s market cap stands at $322,898,610,922 which is up 0.06% from yesterday.
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