Kraken
September 13, 2024
Kraken Unicorn News - September 13, 2024
Kraken and Coinbase have seen a significant increase in Bitcoin purchases as bargain hunters take advantage of price drops. The buy-sell ratio on these platforms indicates net bullish pressure, suggesting a potential recovery in Bitcoin prices.
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) Introduction(
) Kraken and Coinbase See Surge in Bitcoin Bargain Hunters Amid Price DropsBargain hunters are actively purchasing Bitcoin on Kraken and Coinbase, capitalizing on perceived discounts as selling pressure from other exchanges keeps prices under pressure. According to data from London-based CCData, the buy-sell ratio on Kraken and Coinbase has averaged 250% and 123%, respectively, this month, indicating net bullish pressure. The average trade size for Bitcoin-tether (BTC/USDT) spot pairs is $2,148 on Kraken and $1,321 on Coinbase, suggesting that larger trades, likely from institutional or long-term investors, are taking place. This activity has contributed to a slight 2.55% increase in Bitcoin's price over the past day and a 3% increase over the last seven days, with a 24-hour trading volume of $36.77 billion jumping more than 20%. The robust buying activity on Kraken and Coinbase may support the price and signal a potential recovery.
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