05-10-2022, 10:07 AM
(This post was last modified: 05-10-2022, 10:08 AM by superadmin.)
- Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, according to new data from Glassnode.
- In the last month alone, 15.5% of all bitcoin wallets fell into an unrealized loss, as the world’s most popular cryptocurrency plunged to the $31,000 level, tracking tech stocks lower.
- Bitcoin’s close correlation to the Nasdaq challenges the argument that the cryptocurrency functions as an inflation hedge.
![[Image: 107052780-1651140361335-gettyimages-1240...&ffmt=webp]](https://image.cnbcfm.com/api/v1/image/107052780-1651140361335-gettyimages-1240090595-porzycki-nftandcr220419_nplwd.jpeg?v=1651143474&w=473&h=473&vtcrop=y&ffmt=webp)
Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, according to new data from Glassnode.
That percentage is even higher when you isolate for the short-term holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000.
In the last month alone, 15.5% of all bitcoin wallets fell into an unrealized loss, as the world’s most popular cryptocurrency plunged to the $31,000 level, tracking tech stocks lower. Bitcoin’s close correlation to the Nasdaq challenges the argument that the cryptocurrency functions as an inflation hedge.
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