in

Crypto Hot News Bitcoin’s ‘Black Monday’ and everything about the final decline

Hot Crypto News Today Bitcoin’s ‘Black Monday’ and everything about the final decline You Must Read To Get More Information For Trading and Investment.

Bitcoin, the largest cryptocurrency is displaying a few positive signs above the $20,000 support. At press time, BTC showcased a 5% surge as it traded around the $21k mark. Although, the risk is still at large as on-chain data showed that investors over the past three-day period exited positions who acquired BTC at much higher prices.

Rock bottom preview

Bitcoin market participants stood near historically high financial pain thresholds. Investors exited Bitcoin positions worth a record $7.3 billion over the past three days as per analytical firm, Glassnode. In fact, the last three consecutive days recorded the largest USD-denominated Realized Loss in BTC’s history.

Crypto Hot News Bitcoin’s ‘Black Monday’ and everything about the final decline

As Bitcoin price crashed, investors quickly sold off roughly 555,000 BTC in the $23,000-$18,000 price range as many sellers had originally purchased BTC at much higher prices, according to research firm Glassnode. Here, losses ranged between $1.5 billion and $2 billion each day.

Crypto Hot News Bitcoin’s ‘Black Monday’ and everything about the final decline

What about the ‘loyal’ holders?

Even the long-term holders parted their ways with the king coin. Notably, this included 178,000 BTC held by Long Term Holders (LTH), with some of the coins sold acquired at $69,000 – the price that marked Bitcoin’s all-time high in November 2021. This group of sellers took a -75% hit to their investment.

Additional data from the analytics firm shows that long-term holders (LTHs) also took a deep capitulation during this record loss taking.

In addition to this, Short-Term Holders (STH) too took on heavy losses. The STH-SOPR reached levels equivalent to the November 2018 bear market capitulation event.

Crypto Hot News Bitcoin’s ‘Black Monday’ and everything about the final decline

Almost all wallet cohorts, from ‘Shrimp to Whales’, held on to massive unrealized losses, worse than March 2020. Currently, the least profitable wallet cohort holds 1-100 $BTC and has unrealized losses equal to 30% of the market cap. To add to this grim scenario, BTC falling below the 2017 $20k ATH, gave rise to another narrative.

Bitcoin may be near a temporary bottoming out point because the cryptocurrency has historically bottomed out when its Percent Supply in Profit (PSP) is 40% to 50%.

Crypto Hot News Bitcoin’s ‘Black Monday’ and everything about the final decline

Needless to say, in such a condition, BTC investors’ conviction is seriously being put to the test.

Read more Crypto Hot News here.
Watch free hot girl asia stock quality Photos on hotgirl.asia Crypto Hot News Bitcoin’s ‘Black Monday’ and everything about the final decline

What do you think?

Written by thegamefi

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

    Crypto Hot News Bitcoin investors can consider these points before cutting losses

    PlayToEarn News Immutable Launches a $500m Fund for Games and Web3 Projects