• Despite a decline across all exchanges, the fall in reserves appears to be more significant on U.S. exchanges.
• With macro uncertainty looming, investors shied away from taking bullish bets on BTC.

Bitcoin [BTC] extended its decline for the second consecutive day as its price dipped below the important $28,000 level on 1 May. However, the king coin reversed the losses to an extent by reaching $28,006 at press time, data from CoinMarketCap revealed.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

While this reflected a drop of over 2% in the last 24 hours, on a weekly basis BTC surged 2.40%. With the collapse of another big banking institution, First Republic Bank, it remains to be seen if BTC can go unscathed like it did during the banking turmoil of March.

Trust erodes in U.S. exchanges

While sentiment around Bitcoin has been bullish since the start of 2023, it faced hurdles in one of the biggest financial and crypto markets of the world, U.S. According to data provided by blockchain analytics firm CryptoQuant, BTC reserves at U.S.-based exchanges declined sharply since the beginning of 2023.

The analysis highlighted that despite a long-term decline across all exchanges, the fall in reserves appears to be more significant on American exchanges. A strong reason behind the drop could be increased scrutiny by U.S. regulators on the way crypto assets are handled on centralized exchanges. Earlier this year, Kraken, the second-largest exchange in the U.S., had to

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Author: Suzuki Shillsalot

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