About half of bitcoin holders using Coinbase as an exchange likely are facing losses, after the largest cryptocurrency fell to $20,834 late Monday, the lowest level since December 2020, according to analysts at Mizuho.
A Mizuho survey pegged the average cost basis for bitcoin holders on Coinbase COIN, -0.83% at $21,000, based on a poll of 145 customers on the exchange. With the cryptocurrency falling below that figure, they estimate roughly half of holders surveyed would be facing losses. Bitcoin rarely has dipped below its realized price “outside the deepest and latest stages of bear markets,” the Glassnode analysts wrote in a Tuesday note. The last instances when it dropped below such levels were in March 2020, and the end of the 2018-2019 bear market.
'The idea we're going to be able to click a switch, bring down cost of gasoline, is not likely in near term. Nor is it with regard to food' Biden. Higher inflation. Fed will raise rates high to match high inflation. Recession. All markets continue to crash & burn. It’ll get worse
…….. Unkess they sold 😏
Alternative headline.....'About half of bitcoin holders using coinbase as an exchange likely still have gains despite the cryptocurrency falling as low as $20,834'
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