coindesk.com/markets/2022/07/12/market-wrap-bitcoin-slumps-below-20k-as-long-term-holders-face-massive-selling-pressure
Some analysts believe bitcoin’s recent dips below $20,000 show the price level is not as critical anymore. “A move below $17,500-$18,500 support could accelerate the sell-off, while a break of $19,500 may also signal further pain to come,” said Oanda senior market analyst Craig Erlam.

Realized losses can be seen by using the Long-Term Holder Spent Output Profit Ratio. An LTH-SOPR above 1.0 means that long-term holders are netting a profit. However, the current L TH-SopR is 0.67, the lowest since January 2019.

Right now, LTHs are, on average, underwater, with an aggregate unrealized loss of 14%. The immediate consequence of this combination of actualized and unrealized losses is that long-term holders are selling coins, which are then bought by price-sensitive short-term holder. During the depths of previous bear markets, long- term holders held more than 34% of the crypto supply at a loss.

Short-term investors currently hold 16.2% of the supply. More tokens have to be redistributed to long-term holders before the market can emerge from a bottom. “Bitcoin investors are not out of the woods yet,” Glassnode wrote. Tokensoft has successfully deployed Tokensoft version 2 on the Ethereum and Avalanche blockchains.

Banque de France wants a working wholesale central bank digital currency (CBDC) ready to go as early as 2023. The work ensures that France stands ready to bring central bank money as a settlement asset. In an industry where counterparties are tightly bound together by a weave of debt and leverage, dominoes can fall fast.
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