Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Bitcoin’s most recent downturn also took a toll on the addresses that are in profit – they decreased from 82% to 70% in less than a couple of days.
- As CryptoPotato reported yesterday, the entire cryptocurrency market tumbled following a broader collapse of stocks throughout the world amid rising debt crunch fears in China.
- This saw over $800 billion worth of both long and short positions liquidated, and Bitcoin’s price tumbled to as low as $40,200 earlier today.
- The sharp decline also caused a lot of the addresses that were previously in profit – to not be. Precisely, the number of addresses in profit slumped from 82% to 70%.
- Glassnode also made a comment on the sharp move. According to them:
When the Bitcoim market eperiences significant price moves, we can assess the change in profitable on-chain entities to gauge zones of cost basis concentration.
Approximately 8.6% of on-chain entities (wallets with the same owner) have a cost basis between $43K and $48K.
- It’s interesting to see how the market will turn from its current point. Knowing that around 8.6% of on-chain entities have their coins bought between $43K and $48K means that they are currently either underwater or break even.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.