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Bitcoin Rout Hits ‘Darkest’ Phase With Entire Market Underwater

  • Market decline means it’s barely above cost basis: Glassnode
  • Bitcoin trades like a penny stock, says Nuveen’s Brian Nick
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Bitcoin Bear Market Enters ‘Deepest and Darkest’ Phase
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The bear market for Bitcoin has entered its “deepest and darkest” phase, with even long-term holders who had toughed it out until now coming under extreme pressure.

That’s according to strategists at Glassnode, which tracks an indicator known as realized price, the average purchase price of all Bitcoins in circulation. The cryptocurrency is currently trading roughly $1,000 below the coin’s current realized price of $23,430, according to the firm. Bitcoin dropped as much as 5.2% to $20,833 early Wednesday in London.