bitcoin bloodbath

What is happening? A headline that included the phrase “bitcoin bloodbath” caught my attention. Alliteration is cool. Bitcoin balances on crypto exchanges are down to 2.3 million from their 3.1 million peak.  Self-custody wallet balances aren’t growing as more people are selling than storing bitcoin. The overall cryptocurrency market capitalization has lost $1.63 trillion in value.

Why is this important? Let’s just leave it with this study because I like data. “A study from the Bank of International Settlements (BIS), conducted between 2015 and 2022, estimated that 73% to 81% likely lost money on their investments in cryptocurrencies.”

Reuters | Cryptoverse: Forget crypto winter, this is a bitcoin ‘bloodbath’