Cryptocurrencies
‘Bear-Market Blues’ Test Mettle of Most Devout Bitcoin Holders
- Latest leg down sends long-term owners into the red, UBS says
- It does feel like there’s more downside to come, says Cincotta
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With Bitcoin caught in the throes of its worst slide in years, analysts are wading through any number of indicators to see at what point even more investors might start to throw in the towel.
Bitcoin, down about 20% this week, fell to as low as $21,932 on Tuesday, putting it squarely below the average investor cost base of $23,500, according to UBS. That means prices have declined enough to test even long-term holders, who up until now in the 2022 drawdown were largely in the green with their investments.