Bitcoin and Ethereum Prices Stable as Traders Withdraw BTC from Exchanges
Bitcoin and Ethereum experienced a slight correction on Wednesday, hovering around key support levels of $57,000 and $2,300, respectively. Notably, Bitcoin saw significant outflows from exchanges, with traders withdrawing $14.22 billion in BTC over the past two months. In the world of cryptocurrencies, the Simon’s Cat meme coin was rewarded on the BNB chain through the ‘Meme Heroes’ program.
In the latest updates, Bitcoin was trading at $57,635, with inflows to Bitcoin Spot ETFs indicating a potential recovery in institutional demand for the asset. Ethereum, on the other hand, traded at $2,294, facing criticism for a 4% decline in value. Despite this, analyst Michaël van de Poppe expressed confidence in the Ethereum ecosystem.
XRP traded at $0.5286, experiencing a 2% correction as traders awaited the launch of a Ripple stablecoin. Meanwhile, the meme coin Dogwifhat (WIF) was in a multi-month downward trend, currently priced at $1.533. The coin could potentially drop further to $1.380, representing a crucial support level.
Market updates revealed positive net flows into Bitcoin Spot ETFs, signaling a potential resurgence in institutional investor interest. Additionally, the ‘Meme Heroes’ program on the BNB chain awarded Simon’s Cat meme coin with $50,000 to support its liquidity pool.
However, not all news was positive, as the Indodax exchange suffered a $22 million hack on September 11. The hacker converted the stolen tokens into Ethereum, Tron, Polygon token, and Bitcoin, potentially leading to selling pressure on these assets across various exchanges.
In industry updates, data from CryptoQuant indicated that $14.22 billion in Bitcoin had been withdrawn from exchanges in the last two months, reducing selling pressure and hinting at potential price gains. The Tron Super Representative Council proposed adjustments to the network, aiming to enhance trading activity by increasing the energy cap to 150 billion.
Furthermore, Marshall Beard, COO at Gemini crypto exchange, highlighted the growing importance of cryptocurrency policies in the upcoming US presidential election. He mentioned that three-quarters of US crypto owners would consider a presidential candidate’s stance on digital assets when casting their votes.
