January 11, 2023 (Investorideas.com Newswire) According to BanklessTimes.com, more than 450,000 BTC were moved from hot wallets to cold wallets in 2022.
Jonathan Merry, the CEO of BanklessTimes: “Cold wallets offer offline storage and are much more secure than hot wallets connected to the internet, as they are less vulnerable to external attacks. Some investors may have moved their funds to cold wallets in order to safely store them until the market stabilizes. For those who are not familiar with cryptocurrency technology, it could be a sign of caution or uncertainty around the future of cryptocurrencies and their reliability as an investment vehicle.”
The moving of BTC has impacted the crypto market. One effect is that it took a large amount of BTC out of circulation. Thus, it reduced the volume of BTC available for trade. Subsequently, it led to a decrease in demand and a corresponding drop in price. The full story and statistics can be found here: Over 450,000 BTC Were Moved From Exchanges and Hot Wallets to Cold Wallets in 2022
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