Crypto Crash: Bitcoin Bear Market Enters ‘Deepest And Darkest’ Phase — Everything You Need To Know
Bitcoin price stood at $21,801.46 at the time of writing, considerably lower than its all-time peak of $68,000.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, is facing an unprecedented plunge in prices this week. According to on-chain market intelligence firm Glassnode, the bear market for Bitcoin has entered its “deepest and darkest” phase, making even long-term BTC holders come under extreme pressure. Bitcoin prices have dipped considerably, reaching less than half of its 2022 peak of $49,000, and around 80 percent lesser than its all-time peak of $68,000, as seen in November 2021.
Bitcoin price today
At the time of writing, Bitcoin price stood at $21,801.46, as per CoinMarketCap data. According to Indian exchange WazirX, BTC price stood at Rs 17.94 lakhs.
Bitcoin market enters ‘deepest and darkest phase’
As reported by Bloomberg, Glassnode analysts noted that Bitcoin is currently trading roughly $1,000 below its current realised price of $23,430. Glassnode tracks the average price of all BTCs in circulation. This indicator is called realised price.
The strategists said, “The current bear market is now entering a phase aligned with the deepest and darkest phases of previous bears. The market, on average, is barely above its cost basis, and even long-term holders are now being purged from the holder base.”
The firm’s strategists also noted that for HODLers, a change in their net position can be used to estimate the coin volume they are distributing or accumulating. For those unaware, HODLers are referred to as investors who refuse to sell their crypto assets no matter what. As per Glassnode, roughly 15,000 to 20,000 BTCs are transitioning into the accounts of HODLers each month, marking a decline of 64 percent since early May. This indicates signs of weakening accumulation.
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