Bitcoin

Read

Bitcoin has been moving close to the $57,000 mark as the market-wide fear cools down, but a huge number of addresses are still at a loss. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) quickly recovered from the $50,000 mark on Aug. 5 as the uncertainty around geopolitical and recession tension slowly cooled down. The leading cryptocurrency briefly touched a local high of $57,220 earlier today and has been consolidating between $55,000 and $57,000 over the past 24 hours. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14289921"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/BTCUSDT_2024-08-07_11-45-59.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/BTCUSDT_2024-08-07_11-45-59.png" alt="Bitcoin holding close to $57k, 9.8m holders still at loss - 23"> 
 </picture> 
 <figcaption class="wp-element-caption">
 BTC price – Aug. 7 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">crypto.news</a>
 </figcaption>
</figure> 
BTC gained 1.7% in the past 24 hours and is trading at $56,900 at the time of writing. Following the price surge, Bitcoin’s market cap surpassed the $1.1 trillion mark with a daily trading volume of $47.4 billion. 
According to data provided by ITB, 9.87 million Bitcoin addresses are still at a loss, with most of them, 6.88 million wallets, having acquired the asset at an average price of $66,441. Moreover, 2.99 million holders bought BTC at an average price of $59,978. 
 You might also like: <a href="https://crypto.news/bitcoin-is-a-speculative-thing-black-swan-author-warns/"> Bitcoin is a ‘speculative thing’: Black Swan author warns </a> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14289920"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Screenshot-2024-08-07-112655.png.webp"> 
 <img loading="lazy" decoding="async" width="1571" height="490" src="https://crypto.news/app/uploads/2024/08/Screenshot-2024-08-07-112655.png" alt="Bitcoin holding close to $57k, 9.8m holders still at loss - 24"> 
 </picture> 
 <figcaption class="wp-element-caption">
 BTC holders’ profitability map – Aug. 7 | Source: <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=all" target="_blank" rel="">IntoTheBlock</a>
 </figcaption>
</figure> 
These addresses have a total <a href="https://crypto.news/glossary/volume-in-crypto-trading/" target="_blank" rel="noreferrer noopener">trading volume</a> of 4.53 million Bitcoins. 
At this price point, 1.27 million addresses that are holding 907,070 BTC tokens are either at a small loss or profit. They purchased Bitcoin at an average price of $55,776. 
On the other hand, 42.24 million addresses are seeing notable profits on their Bitcoin holdings.&nbsp; 
Data from ITB shows that 37.84 million addresses have been holding Bitcoin for over one year while only 2.66 million addresses belong to short-term traders. 
At this point, lower selling pressure would be expected from the addresses that are still at a loss, resulting in lower price volatility and even a potential price hike.&nbsp; 
According to a crypto.news report, CryptoQuant CEO Ki Young Ju <a href="https://crypto.news/bitcoin-price-to-hit-all-time-high-if-it-stays-above-45k-ceo/" target="_blank" rel="noreferrer noopener">expects</a> a new all-time high for the Bitcoin price if it stays above the $45,000 mark.&nbsp; 
He also pointed out that BTC whales have <a href="https://crypto.news/bitcoin-whales-accumulate-23b-in-btc-amid-market-uncertainty/" target="_blank" rel="noreferrer noopener">accumulated</a> 404,448 coins, worth roughly $23 billion, over the past 30 days. This movement shows increased accumulation while the market was wandering in FUD. 
 Read more: <a href="https://crypto.news/harris-selects-crypto-cautious-tim-walz-as-vp-candidate-per-reports/"> Harris selects crypto-cautious Tim Walz as VP candidate, per reports </a>

Bitcoin holding close to $57k, 9.8m holders still at loss

crypto.news

Other articles published on Aug 7, 2024

Do Kwon to be Extradited to South Korea: Montenegro Court Upholds Decision

Elon Musk Calls Kamala Harris Communist!

Riot Platforms: 45% Increase in Bitcoin Production and Expansion

US Presidential election now a ‘tossup’ — Polymarket

Binance Fights $86M Tax Notice From India’s DGGI Over Compliance Issues

Shiba Inu’s Shiba Eternity Closed Beta Launches Soon: Play and Earn Rewards

Join our free newsletter for daily crypto updates!