Bitcoin on the brink of collapse after losing over 50% of its addresses

We have written a lot here about bitcoins. currency The most famous cryptocurrency company in the world and the most valuable in the stock market. Since October 2021, his journey has been nothing short of a descent into hell.

If we remember, in October 2021, Bitcoin was worth over $60,000. Today, November 23, 2022, Bitcoin is worth just over $16,000. As you can see, this is a drop of more than 60 percent. And that’s big money.

Most addresses holding bitcoins in cryptocurrency largest by market capitalization now they are losing moneysomething that happens for the first time since the collapse caused by the coronavirus in March 2020.

Just over 51% (24.56M addresses out of 47.85M) below the purchase price of your investmentaccording to data provided by analytics firm IntoTheBlock.

The future of cryptocurrency is up in the air

About 45% have money. That is, they receive unrealized profits, while the rest remain unchanged. For those who don’t know, non-money addresses are defined as those that have purchased coins at an average price above today’s market price: $16,000.

According to analysts at IntoTheBlock, the bearish momentum seems exaggerated. In hindsight, past bear markets have ended in most directions. in an impoverished state.

The share of addresses without money remained at 55% in January 2019.. At the same time, bitcoin registered a low around $3,200, and three months later, a bull run began, which reached impressive numbers.

The percentage of addresses out of money rose to 62% during the Bitcoin bear market crash of 2015. However, past data is no guarantee of future performance, and the effects of the recent FTX crash could have a larger impact on the market.