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How bad is the bear market on the crypto market at this point?

How bad is the bear market on the crypto market at this point?

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Answer How bad is the bear market on the crypto market at this point?

  • The crypto market is witnessing a bearish phase, but it is not the worst.
  • The Bitcoin network is currently in a state of loss.
  • Microstrategy is breaking the pattern of companies that are afraid to invest in the crypto market.

It is known and agreed by all that the crypto market is more volatile than all financial markets.

The crypto market is currently going through a bearish phase but this time it is unique because of the way the negative sentiment has persisted for much longer.

After the bitcoin price reached a high of $69,000 last year, the cryptocurrency’s highest price has been on the decline since January 2021.

Read:Lower US CPI pushes Bitcoin and Ethereum prices higher

The bitcoin price dropped to $17,000 in the middle of the year, which means that long-term investors have suffered a maximum unrealized loss of 75% from all-time highs.

Net Unrealized Profit or Loss (NUPL) is a key measure of the total present value of all bitcoin holdings.

How bad is the current bear market on the crypto market?

The current NUPL is just below zero, which means that the Bitcoin network is currently at a loss.

At this point, there is room for bitcoin to accumulate, according to to analyze Encryption amount.

As there is already accumulation and accumulation of Bitcoin by institutional investors, it is relatively low.

The current loss situation is much better compared to the bitcoin lows in July 2022.

Currently, the network does not reach the peak of the maximum loss state.

Bitcoin has shown negative momentum lately.

Earlier this week, the cryptocurrency fell to a three-month low of $18432.

At the time of writing, Bitcoin is at $18905, down 2.22% over the past 24 hours, according to CoinMarketCap.

Read:South Korea: Cryptocurrency Crimes Exceed $2.2 Billion

The recent price drop has also reduced the market share of Bitcoin among the major cryptocurrencies.

Currently, the market capitalization of Bitcoin among all cryptocurrencies is 39.4%.

Less confidence in the crypto market among institutional investors:

In the latest report, Grayscale told “Bitcoin trading volume” that there has been a decline in the volume of Bitcoin trading.

Read:Cryptocurrency is officially legal in South Korea

This means that there is low confidence in the market among institutional investors.

Microstrategy, however, is at odds with buying more bitcoin.

According to the SEC filing, the company purchased $6 million worth of bitcoin at an average price of about $1,851 per 1 bitcoin.

With this, Microstrategy and its subsidiaries now own a total of about 130,000 Bitcoin.

Read also:

Bitcoin price resists to maintain crucial 50-month average support and eyes turn to the Federal Reserve

Over $2.5 billion stolen in 2022: Has the cryptocurrency market become a hotbed for hackers?


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