Affected by the Federal Reserve (Fed), which will start to shrink its balance sheet, U.S. technology stocks tumbled, and Bitcoin extended its decline, falling below the $30,000 for the first time since July 2021, and compared with the historical record in November 2021.
The new record has fallen by more than 55%, and the latest statistics show that 40% of Bitcoin investors have fallen into losses.
According to a Coindesk quotation, Bitcoin tumbled 12.41% to US$29,859.29. Earlier, it dropped to US$29,763.13, rewriting the largest decline since January 21 this year. Other cryptocurrencies are also the same. Falling sharply, Ethereum fell 11%, Ripple fell more than 15%, and Solana fell 18%.
According to the latest statistics from Glassnode, 40% of bitcoin investors are currently in a state of loss. If you only look at short-term investors who have invested in the market in the past six months, the proportion is even higher. In the past month alone, there are 15.5% of Bitcoin wallets experienced unrealized losses.
Josh Lim, head of derivatives at New York-based brokerage Genesis Global Trading, said it was seeing a slow collapse, partly due to selling by long-term holders rather than leveraged liquidation, and to some corporate finance departments. The market is waiting to see whether shareholders take actions to force risk reduction.
Billionaire cryptocurrency investor Michael Novogratz, who owns Galaxy Digital Holdings Ltd., has warned that he expects things to get worse before it gets better and believes that cryptocurrency trading could be linked to the Nasdaq, and that There are more losses to come, and at least the next few quarters have been very volatile trading.
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