30% of bitcoin buyers in circulation are now losing money From Glassnode

The following is the 30% of bitcoin buyers in circulation are now losing money From Glassnode recommended by recordtrend.com. And this article belongs to the classification: Blockchain, Bitcoin.

Glassnode, a blockchain data platform, said in its weekly communication that with the continuous decline of cryptocurrency, the holders of about 5.7 million bitcoins in circulation are at a floating loss, and the value of bitcoins they hold is lower than the price they bought, which is equivalent to about 30% of the circulation supply of bitcoins.

Cryptocurrency fell across the board in the past month as the Fed’s expectation of raising interest rates this year pushed up US bond yields. The total market value of global cryptocurrencies has shrunk from $3 trillion about two months ago to less than $2 trillion.

At present, the price of bitcoin is about $42000, down more than 30% from the record high of nearly $69000 reached in November last year.

“More and more bitcoin supply has fallen into floating losses. At present, about 5.7 million bitcoins are underwater (about 30% of the circulating supply),” glassnode said

But the company said history showed that things could turn out well if bitcoin holders remained calm. Twice before, when the demand for bitcoin was so low compared with the supply, the price rebounded.

During the period from May 2020 to July, the encrypted money market plummeted due to the outbreak of COVID-19. But with the introduction of stimulus measures by governments and central banks, prices rebounded rapidly.

The other occurred between May and July 2021. Under the influence of a series of events, the price of cryptocurrency plummeted. Glassnode pointed out that the patience of bitcoin bulls has paid off in these two sharp declines.

However, UBS analysts have no hope of a rebound. In a report on Friday, they warned that the cryptocurrency market may usher in another “cold winter” of price collapse and may not recover for several years.

UBS said the Fed’s interest rate hike this year would reduce the attractiveness of cryptocurrencies such as bitcoin in the eyes of many investors. This is because rising interest rates will overturn the view that bitcoin is a good alternative to currency or value storage. Other factors that could lead to the decline include many shortcomings of the technology and regulatory obstacles.

More reading: surveymonkey: the survey shows that 71% of bitcoin owners are men. BofA Securities: bitcoin has become the best investment in the past decade. Buy gold or bitcoin? Google Trends: data show that the search volume of “buy bitcoin with credit card” has reached an all-time high. JPMorgan Chase: one third of large investors think bitcoin is “rat poison” Glassnode: in June 2021, the number of active addresses of bitcoin was about 716000, down 47% from the peak. Glassnode: bitcoin ETF held more than 10000 btc2014 bitcoin investment report. Well known investors revealed the truth of the bitcoin investment community. Glassnode: in January 2021, the number of active addresses of bitcoin exceeded 22.3 million, a record high. Coinmarketcap: Global Digital plus in early 2018 JPMorgan Chase: the long-term price of bitcoin may rise to $146000, and the trading volume of bitcoin in Japan accounts for 47% of the global market. Coinmarketcap: in November 2017, the total scale of global cryptocurrency exceeded $300 billion, and nearly 75% of Europe’s top economists believe that bitcoin is not a systemic financial risk

If you want to get the full report, you can contact us by leaving us the comment. If you think the information here might be helpful to others, please actively share it. If you want others to see your attitude towards this report, please actively comment and discuss it. Please stay tuned to us, we will keep updating as much as possible to record future development trends.

RecordTrend.com is a website that focuses on future technologies, markets and user trends. We are responsible for collecting the latest research data, authority data, industry research and analysis reports. We are committed to becoming a data and report sharing platform for professionals and decision makers. We look forward to working with you to record the development trends of today’s economy, technology, industrial chain and business model.Welcome to follow, comment and bookmark us, and hope to share the future with you, and look forward to your success with our help.