The market status of Bitcoin has plummeted throughout the year. In a new report, Glassnode has estimated that around 550,000 Bitcoins have left crypto exchanges by 2022. At the current value of BTC of $16,858 (approximately Rs 13.9), 550,000 BTC up to $9.2 billion (about Rs 76,760). The on-chain analytics firm has said that the moved coins have landed in cold storage, which is a cryptocurrency wallet that is not dependent on the Internet, like a hardware wallet or a paper wallet.
Several promising crypto projects this year have lost their business and market standing. The downfall of terroir and Cryptocurrency Exchange FTXfor example, has emerged as a key incident that has shaped the lackluster end of the year for the crypto sector this year.
Also, back-to-back hacks on cryptocurrency exchangePlatforms and protocols have shaken the trust factor of crypto investors who want to avoid losing their finances or personal information.
In an effort to keep their crypto-asset custody safe from exchanges facing liquidity crises and claiming bankrupt — as well as — against being stolen by hacker — investors transfer their funds to cold wallets or simply withdraw fiat in exchange for their crypto assets.
Out of BTC’s total of 21 million tokens offered, more than 19.2 million are known to be currently on offer.
Follow glass buttonBTC reserves stored on crypto exchanges are less than 12% of the circulating supply of BTC.
In June, November, and December — exchanges FTX, Binance, and Coinbase are now bankrupt — report lost 70,000 BTC, 90,000 BTC and 200,000 BTC respectively.
Despite the continued decline, Bitcoin has not lost all its fans.
Last week, a report by the Indian exchange CoinSwitch stated that Bitcoin, along with Ether and Dogecoin, are popular crypto options among Indian investors.
Analytical insight also shows that BTC is the most popular cryptocurrency in the United States.
Between November 2021 and 2022, the value of BTC has dropped from $68,000 (approximately Rs 56 lakh) to $16,800 (approx Rs 13.9 lakhs).
Advocates are yet to be disappointed by the drop, hoping for a better future for the crypto asset next year.
“This year has an opportunity to teach investors to be safer and more patient in managing and storing their investments. By the end of 2023, we are expecting a rise in the market, as new regulations are introduced to make crypto a safer space,” said Kumar Gaurav, Founder and CEO. Cashaa, a new crypto-friendly bank, told Gadgets 360.
Back in November of El Salvador Chairperson Nayib Bukele yes announced that the Central American country would buy one Bitcoin a day to restore confidence in the asset.
