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bitcoin news

Bitcoin battles back from record losses to $21,000

Bitcoin attempts to recover from record realized losses

by Warren Manuel
June 21, 2022
in Global, Market Updates, Opinions
Reading Time: 2 mins read
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In the cryptocurrency industry, it was a bad weekend as we witnessed unprecedented volatility that pushed the price of the first cryptocurrency below $18,000, further damaging investors’ profits and pushing the realized loss value to a new record high.

According to reports, the on-chain aggregators tracked losses worth over $7.325 billion. It appears that many investors sold coins previously gained at a higher price. A large proportion of investors is at a loss, which is a concern and can aggravate existing panic in the market.

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The last three consecutive days have been the largest USD denominated Realized Loss in #Bitcoin history.

Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices.

A thread exploring this in more detail 🧵
1/9 pic.twitter.com/O7DjSK2rEQ

— glassnode (@glassnode) June 19, 2022

Long-term investors accounted for a majority of the sell-off, contributing around 180,000 BTC at prices far below $23,000, pushing the price of the first cryptocurrency below its all-time high in 2017.

Approximately 1.3% of their total holdings were sold on the market. Their holdings in LTH returned to their September last year levels after dropping a portion of their portfolio.

When we examine the profit and loss of LTG wallets that sent money to centralized exchanges to realize, we may see direct evidence that they were capping out, as they were rapidly selling their funds at mind-blowing losses of 75%. This irrational behavior is likely owing to the panic in a market that expects Bitcoin to go lower than $15,000 for whatever reason.

Currently, the market is showing new signs of strength with Bitcoin soaring back to $21,201, with a daily average increase of +4.57% in positive trading volume. 

Tags: bitcoinnews
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Warren Manuel

Warren Manuel

As the Head of Marketing for Klever, I use my digital marketing and development skills to help grow the brand across many different channels, expanding the brand's reach, generating leads, and helping improve conversions, and repeat business.

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