Bitcoin plunged to its lowest price in two years after FTX filed for Chapter 11 bankruptcy, but long-term Bitcoin holders remained loyal.
Bitcoin declined almost 15% in November, according to CoinGabbar. Bitcoin fell under $17,250 investor pricing basis.
the price of bitcoin fell to its lowest point in two years, yet long-term Bitcoin holders remained steadfast.
The collapse of the FTX, which was led by Sam Bankman-Fried (SBF), can be regarded as the most detrimental development in the history of digital assets. Several crypto lending platforms and exchanges felt the heat of the FTX virus as it spread. According to a report, long-term Bitcoin investors reportedly stood together during the downturn.
According to a survey by ARK Invest, the supply of Bitcoin owned by long-term holders closed flat for the month of November, despite increasing volatility in the cryptocurrency market caused by the FTX collapse. In the meantime, net outflows from cryptocurrency exchanges reached a record high (ATH).
According to CoinGabbar, the price of bitcoin fell by more than 15% in November. Under the investor price basis, which is currently $17,250, the price of bitcoin decreased. However, the price of bitcoin ended the day at $17,081. The entire long-term holder supply, according to the study, has steadied at 13.8 million Bitcoin. It is almost at its all-time high mark.
The CEO of ARK Invest, Cathie Wood, remarked on this and said that the Bitcoin blockchain didn't miss a beat throughout the crisis. SBF, she continued, disliked Bitcoin because it is open-source and decentralized. Wood asserted that SBF was powerless to stop it.
According to the report, the Bitcoin hash rate was reduced because Bitcoin miners felt restrained as a result of the sharp reduction in profit margins. The critical ratio of realised BTC gains to losses fell to its lowest point ever (ATL). Record-breaking capitulation can be seen in this.
However, at the time of this writing, the average price of one bitcoin is $17,180. Over the last day, the price of bitcoin has risen 0.15% only little. Its volume during a 24-hour period is $13 billion, nevertheless. BTC's market capitalization is currently about $330.3 billion.
