40% of investors are now in the red

Representations of cryptocurrencies

Bitcoin & Co. supporters see digital gold in cybercurrencies. However, they currently offer no investor protection.

(Photo: Reuters)

New York, Dusseldorf The sell-off in the crypto market continues almost unabated. On Tuesday, the digital currency Bitcoin temporarily fell below $30,000 for the first time since July 2021. After a brief rebound, the oldest and largest cryptocurrency fell even lower on Wednesday following the figures of US inflation. Bitcoin has lost 56% of its value since its peak in November 2021. At that time, the price was close to $69,000.

Losses no longer only hit investors who invested late in the crypto hype or speculators who got their bets wrong on rising crypto prices. Nearly 40% of Bitcoin investors are now in the red, according to data from analytics firm Glassnode. Price drops aren’t just painful for investors. They have also affected the business of brokers like Robinhood, specialized exchanges like Coinbase, as well as crypto miners.

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