Bitcoin Struggles As Sellers Lose Historic $7.3 Billion

Bitcoin Struggles , As Sellers Lose , Historic $7.3 Billion.

Last week, Bitcoin investors saw the largest realized loss ever as a widespread sell-off led to shedding $7.3 billion in shares.

According to Vice, a sustained crash that began last month has caused the price of Bitcoin to drop below $20,000.

Glassnode says that about 555,000 Bitcoins were traded for as much as $23,000 or as little as $18,000.

About 178,000 Bitcoins were liquidated by long-term holders for prices below $23,000.

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A number of those investors reportedly saw losses as high as 75%.

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

, Glassnode, via Twitter.

'The Financial Times' reports that shares in listed mining companies have fallen approximately 40% in the past month.

Some firms have been forced to take machines offline as energy costs continue to rise.

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Meanwhile, a wave of acquisitions have been anticipated as many mining firms took on high-interest debt in order to expand operations prior to the market's rapid fall.

Meanwhile, a wave of acquisitions have been anticipated as many mining firms took on high-interest debt in order to expand operations prior to the market's rapid fall.

If we assess the damage, we can see that almost all wallet cohorts, from Shrimp to Whales, now hold massive unrealized losses, worse than March 2020, Glassnode, via Twitter.

If we assess the damage, we can see that almost all wallet cohorts, from Shrimp to Whales, now hold massive unrealized losses, worse than March 2020, Glassnode, via Twitter.

The least profitable wallet cohort hold 1-100 $BTC, and have unrealized losses equal to 30% of the Market Cap, Glassnode, via Twitter.

Vice reports that it remains unclear if the crypto market has already hit bottom at this point