MPost Markets: Bitcoin price drops under the $30k mark again

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Cryptocurrencies are back in the red.

Bitcoin price has fallen again. Bitcoin is now trading at $29,559.59, again beneath the $30k mark, after the price dropped 5.87%.

Bitcoin price over 24h. Source: CoinGecko.

According to Glassnode research, long-term bitcoin holders are holding unrealized losses. In fact, as the research states, “Price currently is trading at the lows of the 2021-2022 cycle, which means almost all buyers since Jan-2021 are now holding unrealized losses.” What is more, the long-term holders are currently the ones “shouldering the majority (62%) of unrealized losses,” meaning that there has been an ownership shift during the latest bear market.

We could see the aggregated loss exceeding 0.006% of the market cap when bitcoin prices plummeted below $30k in May, Glassnode writes; this phenomenon could be observed previously 2018-19 bear market and the March 2020 Covid crash. Glassnode writes, “Network unrealized losses are hovering in the twilight zone of late-stage bear markets, however, are not yet signalling complete capitulation.” And so, we must still await the bullish market.  

Other cryptocurrencies aren’t doing much better than bitcoin. Ethereum’s ether is down by 7.43%, now trading at $1,766.81. According to Coinglass, in the last 24 hours ether saw $73.65M liquidation, the most out of all cryptocurrencies, which constituted more than a third of all liquidations ($207.27M).

The price of Binance’s BNB has slid by 9.21%, Cardano’s ADA by 7.53%, XRP by 3.96%, and Solana SOL by 11.26%.

Similarly, metaverse cryptos are down. Flow price has fallen by 6.96%, Tezos XRT by 1.45%, Decentraland’s MANA by 8.11%, and ApeCoin’s APE by 5.81%. Considering the bad performance of the coins, it’s no surprise Metaverse Index MVI is affected as well and is now trading at $49.22, 9.56% below yesterday’s price.

MVI price over 24 hours. Source: CoinGecko.

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Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

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