Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Coin_Gabbar on September 22, 2022, 09:29:30 AM
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Historically low prices have endured for a longer period of time in the present bear market cycle than in any other.
The leading cryptocurrency, Bitcoin, has been in a freefall since January 2021, when it hit a high of $69,000. A maximum unrealized loss of 75% from the all-time high was sustained by long-term investors as BTC fell to $17,000 midway through the year. An important indicator of the true worth of one's Bitcoin assets is the net unrealized profit or loss (NUPL).
Is the Current Bitcoin Bear Market Really That Bad?
At its present NUPL value, the Bitcoin network is experiencing a loss. A review by CoinGabbar indicates that there is still room for maximal BTC acquisition at this time. In contrast, it appears that institutional investors are not actively buying up Bitcoin. Compared to the Bitcoin lows in July 2022, the present loss condition is significantly better.
Bitcoin has been on a downward trend recently. The cryptocurrency market hit a three-month low of $18,432 earlier this week. CoinGabbar reports that the current price of Bitcoin (BTC) is $18,930, down 3.21% in the previous 24 hours. Since its price dropped recently, Bitcoin's share of the cryptocurrency market has shrunk. This means that Bitcoin now accounts for 41.02% of the total market cap of all cryptocurrencies.
Institutional Investors Have Little Faith
Grayscale, a company that manages bitcoin assets, has noticed a decrease in its Bitcoin volumes. What this says is that institutional investors are not optimistic. The largest institutional investor in Bitcoin, Microstrategy, has increased its holdings. According to their most recent SEC filing, the firm has spent $6 million for Bitcoin at a price of roughly $19,851 per token. Together with its affiliates, Microstrategy now controls over 130,000 BTC.
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As as far as many analysts, market makers, investor and others has been predicting that the first crypto (Bitcoin) has not hit the bottom line, the entire cryptocurrency market will continue on the downward trends. The bear market will definitely continue untill Bitcoin hit it's bottom, and it may be the evidence on current market situation why many investors ( institutional investors) has not entered with huge buying oders. As it stand now, there are no volumes, what is going on for some times now is just some immediate pump and sell off, a renge from $25k to $17500 since early this year. Let hope the bear run will not linger further.