Bitcoin price is down about 55% since its peak in November last year. Because of this, currently 40% of holders of the world’s most popular cryptocurrency are below their investment levels, meaning they are in the red. About it writes CNBC citing research data from Glassnode.
The report notes that the percentage of bitcoin investors who have suffered losses will be even higher if short-term holders of the cryptocurrency have made it, in the six months from when they are about $69,000 per unit of the cryptocurrency to benefit from it would be excluded from the statistics.
According to the source, 15.5% of the total number of bitcoin wallets suffered losses. At the same time, the cost of the world’s most popular cryptocurrency dropped to around $31,000 per unit. According to the CoinDesk platform, bitcoin price fell below $30,000 per unit in the last 24 hours but later rose slightly. At the time of writing, one bitcoin was worth around $32,190.
Bitcoin’s close correlation with the Nasdaq exchange calls into question the cryptocurrency’s ability to become a means of protecting investors from inflation. Glassnode noted that the recent sell-off has fueled a surge in “urgent transactions,” where investors pay higher fees to expedite transactions. Over the past week, the total value of on-chain transaction fees paid was 3.07 BTC, the highest ever recorded by analysts.