• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Bitcoin Long-Term Holders Face Major Financial Stress

Bitcoin Long-Term Holders Face Major Financial Stress

Sarah by Sarah
4 months ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

The Bitcoin and crypto market is still wallowing in turmoil from the collapse of the FTX exchange. Many crypto assets have followed a correlation with the decline of FTX Token, FTT. As a result, the past few days brought an intense bearish pull on the prices of virtual assets.

With the recent events’ outplay, the crypto market’s overall performance shows doubts and fear. As a result, investors and other participants have initiated a panic sell-off for most crypto assets.

Hence, the cumulative market cap has been experiencing a free fall since last week. The overall market cap sits at $824.19 billion at the press time, showing a drop of 1.92% over the past day.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
Related Reading: Chiliz (CHZ) Records Higher Gains During Market Uncertainty

Also, the bearing trend triggered by the FTX crisis has brought the global primary cryptocurrency down. Bitcoin has maintained a low correlation in the crypto market, creating more tension for its long-term holders.

BTC Price Drop Creates Selling Pressure

From the recent reports, BTC long-term holders are facing intense selling pressure due to the declining market situation. The price of Bitcoin has been falling since last week with no restrictions.

At the time of writing, BTC is trading at $16,666 indicating an increase over the past 24 hours and its dominance over altcoins is 38.49%.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Bitcoin Long-Term Holders Face Major Financial Stress
Bitcoin price surges on the daily candle l BTCUSDT on Tradingview.com

A report from Glassnode, an on-chain data provider, highlighted the MVRV ratio of Bitcoin’s long-term holders. The firm noted that BTC long-term holders are currently facing acute financial stress. They are holding an average of -33% in unrealized losses.

According to the firm, such a value is close to the lows of the 2018 bear market, where the peak unrealized loss was – 36% on average.

The data provider noted that the last time BTC long-term holders had a similar stress experience was at the token’s price reversal point. This means that Bitcoin’s bottom could be around the corner.

Bitcoin Selling Pressure Yet To Get Worst?

However, Peter Shiff, a BTC critic, thinks the worst Bitcoin selling pressure is yet to come. Sharing his older prediction from June 2022, Shiff stated that selling pressure on Bitcoin for bill payments would only worsen once the recession deepens.

Also, that could happen if several holders lose their jobs, primarily workers in blockchain firms that would become bankrupt. So unfavorable changes for such holders will lead to more Bitcoin sell-off.

Following the collapse of FTX, many Bitcoin investors have transferred their holdings from exchanges. They now refer to using self-custody for their holdings. This has created massive historic withdrawals from crypto exchanges.

Related Reading: TX New CEO John Ray Reveals More Scandals In Court Filing

According to the report from Glassnode, exchanges have witnessed one of the most significant cumulative drops in Bitcoin balance. The platforms recorded a decline of 72.9K in seven days.

The data provider mentioned that the situation is comparable to three historical periods with such a vast BTC movement. They were in April 2020, November 2020, and June-July 2022.

Featured image from Pixabay, chart from TradingView.com
Tags: bitcoinBTCUSDTcryptoFTXMVRV
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Sarah

Sarah

Sarah is a journalist who continues to share her passion for writing through her writing in DeFi, FinTech, and Cybersecurity.

Related Posts

Bitcoin

Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?

1 day ago
Bitcoin

Bitcoin Coinbase Premium Continues To Decline, Buying Pressure Ending?

1 day ago
Bitcoin

Quant Explains How Bitcoin ‘ESR’ Can Act As Leading Indicator For Price

2 days ago
Bitcoin US Government

Bitcoin Will Be Stronger Despite Attacks From the US, Says HRF’s Executive

2 days ago
Bitcoin bull case

3 Reasons To Remain Bullish On Bitcoin In Coming Months

2 days ago
Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

ShibaLauncher: First Community Driven Launchpad on Shibarium Opens Token Pre Sale To SHIB Holders

March 25, 2023

As the competition in the derivatives market heats up, BitMake is poised to stand out

March 25, 2023

BNB (BNB) Stagnates, Collateral Network (COLT) Presale Takes Off, And Avalanche (AVAX) Loses Ground

March 25, 2023

Don’t Be Slow! TMS Network’s (TMSN) Presale Is Selling Out Fast As Aptos (APT) And Avalanche (AVAX) Fall To A New Low

March 25, 2023

IBC Group Incubates Chirpley, Pioneering a New Era of Digital Marketing with Nano-Micro Influencer Marketplace

March 25, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.