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Crypto Market Sees Decline as Bitcoin Reserves and Altcoins Drop Amid Regulatory and Institutional Developments
Recent developments include Meta stakeholders rejecting the proposal to hold Bitcoin as the company's reserve. The amount of Bitcoin available on centralized exchanges has fallen to a multi-year low of 2.4 million BTC. The International Monetary Fund expressed concern about Pakistan's decision to allocate 2000 MW of electricity for Bitcoin mining and AI data centers. Additionally, Orange Cap Games, a gaming startup, has acquired rights to the Moonbirds NFT from Yuga Labs.
In terms of price movements, alternative cryptocurrencies (altcoins) have declined relative to Bitcoin, reaching new lows in the current cycle from May 7-30.
On the event front, assets of Cetus that were previously frozen on the Sui network have been successfully transferred to a multi-signature wallet following a community vote.
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AI Analysis
The recent decline in Bitcoin holdings on centralized exchanges indicates a potential shift towards long-term holding or distribution to private wallets, which could reduce market liquidity and volati...
AI Recommendation
Given the decline in Bitcoin reserves and the low level of assets on exchanges, it is prudent to monitor for continued capital inflows into private wallets, which could further tighten liquidity. Inve...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.