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Bitcoin Washout Is Leaving Mom-and-Pop Buyers Holding the Bag

  • Market-value measure shows short-tem holders bought at $47,500
  • Bitcoin has dropped by 50% since its November highs last year
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Expect Short Term Pain With Crypto: Novogratz

There’s a crypto refrain when prices crash precipitously like this: The selloff is washing out the short term-focused non-believers, known as weak hands, strengthening the industry in its wake. 

It’s a glib way to think of all those who had joined the market as Bitcoin’s price rose to an all-time high at the end of last year -- including institutions and small-time at-home investors, many of whom are deeply underwater on their investments now.