Bitcoin Struggles , As Sellers Lose , Historic $7.3 Billion.
Last week, Bitcoin investors saw the largest
realized loss ever as a widespread sell-off
led to shedding $7.3 billion in shares.
According to Vice, a sustained crash
that began last month has caused the price
of Bitcoin to drop below $20,000.
Glassnode says that about 555,000 Bitcoins
were traded for as much as $23,000
or as little as $18,000.
About 178,000 Bitcoins were
liquidated by long-term holders
for prices below $23,000. .
A number of those investors
reportedly saw losses as high as 75%.
The last three consecutive days have
been the largest USD denominated
Realized Loss in Bitcoin history. , Glassnode, via Twitter.
'The Financial Times' reports that shares
in listed mining companies have fallen
approximately 40% in the past month.
Some firms have been forced
to take machines offline
as energy costs continue to rise. .
Meanwhile, a wave of acquisitions have been anticipated
as many mining firms took on high-interest debt in order
to expand operations prior to the market's rapid fall.
Meanwhile, a wave of acquisitions have been anticipated
as many mining firms took on high-interest debt in order
to expand operations prior to the market's rapid fall.
If we assess the damage,
we can see that almost all wallet cohorts,
from Shrimp to Whales, now hold massive
unrealized losses, worse than March 2020, Glassnode, via Twitter.
If we assess the damage,
we can see that almost all wallet cohorts,
from Shrimp to Whales, now hold massive
unrealized losses, worse than March 2020, Glassnode, via Twitter.
The least profitable wallet cohort
hold 1-100 $BTC, and have unrealized
losses equal to 30% of the Market Cap, Glassnode, via Twitter.
Vice reports that it remains
unclear if the crypto market has
already hit bottom at this point