Bitcoin Fell Below $30,000 – Around 40% of Bitcoin Holders Suffered Losses

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 BTC27,256.49-3,674.53-11.91
12.10 ETH1,850.06-493.29-21.14
12.10 LTC56.81-20.20-26.30
12.10 BNB235.38-62.73-21.14
12.10 XRP0.35-0.12-26.09
12.10 ADA0.42-0.19-31.17
12.10 DOT7.75-2.44-23.97
12.10 DOGE0.07-0.02-25.49
12.10 UNI4.19-1.36-24.55
12.10 LINK5.86-2.11-26.35

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