
Traditional and cryptocurrency markets have been in free fall for several days, plunging into bear territory when assets are trading at 20% or more below their previous high. The S&P 500 has lost 15% this year, while half of the Nasdaq index’s equities have lost more than 50% from their highs.
Bitcoin has dropped even more. The popular cryptocurrency is currently selling at $32,000, down roughly 55% from its November top of $69,000. For many Bitcoin investors, this means their portfolio has gone negative.
Only 60% of Bitcoin investments remained lucrative when the cryptocurrency was priced at $33,600 per unit, according to analysis from blockchain analytics startup Glassnode.
The remaining 40% of investments were lost to the water. As Bitcoin’s price has plummeted even further, hovering between $31,000 and $32,000, a growing number of investments have lost money.
“This decline in profitability is the fourth most severe over the last three years,” Glassnode was referring to the 15.5 percent of total investments that became unprofitable in the last month alone.
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