According to Glassnode, around 40% of investors holding Bitcoin have suffered losses. Bitcoin has now fallen nearly 55% from its peak of $69,000 in November 2021.
In April, about 15.5% of Bitcoin wallets suffered losses after Bitcoin crashed to $31,000 along with the NASDAQ and contrary to the belief that Bitcoin is a hedge against inflation.
Bitcoin fell below $30,000 this morning in Asia after the U.S. released unexpectedly high inflation figures. By 4:30am Bitcoin had fallen 6.23% to $28,170.41.
Experts say if Bitcoin falls below $30,000, it could test the $25,000 mark.
The global market capitalization for digital currencies has fallen by $800 billion in just one month amid fears of interest rate hikes and balance sheet contraction by the Federal Reserve (Quantitative Tightening: QT), which will strain liquidity in the market.
Coinmarketcap.com, which collects prices of more than 1,000 cryptocurrencies from global exchanges, noted that the total market capitalization of cryptocurrencies fell to $1.4 trillion yesterday from $2.2 trillion on April 2.
The market capitalization of cryptocurrencies reached $2.9 trillion in November 2021, the highest level in history.
The Spot Market is Open
Thursday, May 12, 2022
| Crypto Updated at | USD Price | Change | %Change |
| 12.10 BTC | 27,256.49 | -3,674.53 | -11.91 |
| 12.10 ETH | 1,850.06 | -493.29 | -21.14 |
| 12.10 LTC | 56.81 | -20.20 | -26.30 |
| 12.10 BNB | 235.38 | -62.73 | -21.14 |
| 12.10 XRP | 0.35 | -0.12 | -26.09 |
| 12.10 ADA | 0.42 | -0.19 | -31.17 |
| 12.10 DOT | 7.75 | -2.44 | -23.97 |
| 12.10 DOGE | 0.07 | -0.02 | -25.49 |
| 12.10 UNI | 4.19 | -1.36 | -24.55 |
| 12.10 LINK | 5.86 | -2.11 | -26.35 |