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Over half the investors and Bitcoin holders are profiting, despite the current state of the bear market in the cryptocurrency industry. According to data from on-chain analytics firm Glassnode, just over 56% of Bitcoin addresses are still holding more value (in United States dollars) than they were when investors first bought Bitcoin and added digital assets to the addresses.
Bitcoin recently fell to the lowest it has seen in the past 18 months, dropping to just $17,760 USD, down 288% from its all-time high of $69,044.77 USD, seen seven months ago. Looking at data regarding the downturn in the market, however, the market still seems to be in better shape than previous bear markets. According to the figures from Glassnode, less than half of the Bitcoin wallet addresses are experiencing losses since buying Bitcoin and the value of Bitcoin would have to sink lower than the current. bottom for the currency bear market to see historic patterns. Currently, profitable addresses are sitting at 56.2%, during the 2020 bear market (March 2020), profitable addresses were only at 41% and in 2018, the profitable addresses were below 50%.
Despite this, right now the market sentiment is shaky, with “Bitcoin is dead” search results sitting at an all-time. Critics of the cryptocurrency are suggesting that the token is looking likely to fall further. Known Bitcoin critic Peter Schiff took to Twitter to say that Bitcoin is probably going to fall to around $3000 USD.
If #Bitcoin can collapse by 70% from $69,000 to under $21,000, it can just as easily fall another 70% down to $6,000. Given the excessive leverage in #crypto, imagine the forced sales that would take place during a sell-off of this magnitude. $3,000 is a more likely price target.
— Peter Schiff (@PeterSchiff) June 14, 2022
In response to his tweet, Bitcoin advocates and those in the crypto community have pointed out that Schiff “has a poor track record” when it comes to his Bitcoin predictions.