Bitcoin rout hits 'darkest' phase with entire market underwater
Posted: Wed Jun 15, 2022 3:08 am
https://www.bnnbloomberg.ca/bitcoin-rou ... -1.1778741
The bear market for Bitcoin has entered its “deepest and darkest” phase, with even long-term holders who had toughed it out until now coming under extreme pressure.
That’s according to strategists at Glassnode, which tracks an indicator known as realized price, the average purchase price of all Bitcoins in circulation. The cryptocurrency is currently trading roughly US$1,000 below the coin’s current realized price of US$23,430, according to the firm. Bitcoin price was around US$22,150 late Tuesday afternoon in New York.
“The current bear market is now entering a phase aligned with the deepest and darkest phases of previous bears,” the strategists wrote in a note. “The market, on average, is barely above its cost basis, and even long-term holders are now being purged from the holder base.”
The bear market for Bitcoin has entered its “deepest and darkest” phase, with even long-term holders who had toughed it out until now coming under extreme pressure.
That’s according to strategists at Glassnode, which tracks an indicator known as realized price, the average purchase price of all Bitcoins in circulation. The cryptocurrency is currently trading roughly US$1,000 below the coin’s current realized price of US$23,430, according to the firm. Bitcoin price was around US$22,150 late Tuesday afternoon in New York.
“The current bear market is now entering a phase aligned with the deepest and darkest phases of previous bears,” the strategists wrote in a note. “The market, on average, is barely above its cost basis, and even long-term holders are now being purged from the holder base.”