More than 50% of cryptocurrency owners do not receive any profit

After the flagship cryptocurrency dropped below $ 18,000 last week, the share of unprofitable addresses increased to 52%. According to the IntoTheBlock platform, only 48% of investors are currently making a profit from cryptocurrency investments.

The pressure on the crypto market increased on Wednesday, December 14, after the US Federal Reserve raised its key policy rate range by 50 basis points to 4.25−4.5% per annum. This is the highest rate since 2007. The Fed’s decision was expected and the seventh since the beginning of the year. Thus, the Fed slowed down the pace of rate hikes — before that, there had been four consecutive 75 basis point increases.

Bitcoin’s price then reacted with volatility and correction below $ 18,000, and then $ 17,000. These shocks caused investor losses. However, even despite the unfavorable market situation, investors took a wait-and-see attitude, as the traditional «Santa Claus rally» usually occurs with the approach of the New Year holidays, which, albeit briefly, raises the value of Cryptocurrencies.

Also, some analysts believe that in 2023, bitcoin will be able to grow to $ 30,000. Matthew Siehl, a fund manager at investment giant VanEck, is convinced of this. However, Mr. Seel noted that before that, BTC will drop to $ 10,000−12,000. The expert believes that the wave of cryptocurrency miners' bankruptcies will «mark the lowest point of the crypto zenith,» which will lead to a drop in the price of the virtual asset.