June has been a very bad month for Bitcoin. Its price fell 37.9 percent last month. Prior to this, such a beating of bitcoin was seen in the bear market of 2011. Bitcoin’s fall in June has had an impact on its trading volume.
According to blockchain analytics firm Glassnode, recent network utilization suggests that quick-witted investors have exited the market. Investors who invest only for the long term are still in the market.
This week the price of bitcoin remained around $20,000. The beating of bitcoin can be gauged from the fact that the price of bitcoin was at this level in the year 2017. Investors who put their money in bitcoin for quick profits have moved away from the market. But, long-term investors are still holding on. There are both types of investors ‘Shrmp’ and ‘Whales’.
Shrimp refers to investors whose total investment is less than one bitcoin. Whales refer to investors who hold more than 1,000 bitcoins. It is worth noting that crypto exchanges allow investing in even small portions of Bitcoin.
Glassnode has said that in November last year the address activity was more than one million. It has fallen by 13 per cent. In November last year, the price of bitcoin was at a record high. Then the address activity was 870,000 daily. This suggests that new bitcoin investors have missed out on making profits.
Before November last year, cryptocurrencies, especially bitcoin, had given investors a lot of profits. Because of this, the number of people investing money in it had increased rapidly. Seeing the increasing interest in it, RBI had warned investors many times. He advised to understand the risk associated with it.
On Wednesday (July 6), the price of bitcoin was down 0.43 percent to $ 20,130. It has fallen by about 9 percent in a week. The price of Ethereum was down 0.6 percent at $1,136.70. It has fallen by more than 12 per cent in a week.