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Bitcoin investors have suffered over the past few weeks as the crypto market crashes, however the last three days has been a particularly bad bloodbath.
If you're a cryptocurrency investor, we feel for you. And if you've invested in Bitcoin... well, RIP to your back account.
Over the course of three days, Bitcoin investors bled funds to the tune of about $7.3 billion ($AUD 10.5m, £4.1m), according to blockchain analytics provider Glassnode.
As the leading token on the market, Bitcoin's plummeting price then dragged other digital currencies with it, further deepening the crypto crash.
The last three consecutive days have been the largest USD denominated Realized Loss in #Bitcoin history.— glassnode (@glassnode) June 19, 2022
Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices.
A thread exploring this in more detail 🧵
The crash also led to Bitcoin's price dipping below $20,000 per coin for the first time since 2020.
According to Glassnode, roughly 555,000 Bitcoins were traded between prices of $18,000 ($AUD 26,000, £10,000) and $23,000 ($AUD 33,100, £13,000).
Long-term Bitcoin holders got rid of about 178,00 bitcoins at prices below $23,000, with many seeing a loss of as high as 75 per cent.
No matter your opinion on cryptocurrency, you have to admit that a loss like that has to sting.
"The last three consecutive days have been the largest USD denominated Realised Loss in Bitcoin history," Glassnode tweeted about the crash.
The blockchain analytics firm also noted that the dip in prices were hurting short-term investors as well, with miner wallet balances appearing to have stagnated. Bitcoin miners are feeling the pinch, too.
According to the Financial Times, shares in listed mining companies such as Marathon Digital have fallen around 40 percent in the last four weeks.
Bitcoin mining is the process by which new crypto is entered into circulation.
YouTuber turned boxer Jake Paul claimed last year that Bitcoin was ‘the best investment of his life’.
Yikes for him.
And his older brother has been rubbing his nose in it, with Logan revealing that Jake suffered major crypto losses during a recent episode of his Impaulsive podcast.
"It's going pretty well, he's won every fight he's done," said his co-host George Janko.
Fellow co-host Mike Majlak chipped in, adding: "He made like $40 million last year."
That's when Logan revealed his brother's financial woes.
"It doesn't matter, he put it all in crypto... he's poor," Logan said.
Logan is likely exaggerating Jake's financial situation right now - after all, he made it to the top ten highest paid athletes under 25.
He also rakes it in from various other projects including his YouTube channel, which has 20.4 million subscribers.
So excuse us while we try to find our tiny violin for you, Jake.
Featured Image Credit: Ira Budanova / Alamy Stock Photo. Sueddeutsche Zeitung Photo / Alamy Stock Photo.
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