Recent data shows a significant increase in outflows from bitcoin wallets, coinciding with a sharp drop in the price of bitcoin (BTC) in late August and early September. The market volatility has been attributed to uncertainty surrounding global markets, the U.S. presidential election, and the Federal Reserve’s upcoming decision on interest rates.
In August alone, bitcoin experienced a 9% decline, with further losses seen in the first week of September. However, there has been a slight recovery in price, with bitcoin reaching $60,000 on Tuesday morning for the first time since the end of last month.
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