More than 40 of investors in Bitcoin have gone into

More than 40% of investors in Bitcoin have gone into the red due to the cryptocurrency’s devaluation

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.

    Image source: Edgar Su / Reuters

Image source: Edgar Su / Reuters

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.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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