Bitcoin “bloodbath”
Bitcoin balances on cryptocurrency exchanges, where retail investors typically transact, have dropped to around 2.3 million from an all-time high of 3.1 million in 2020. Investors have had a difficult year. Bitcoin’s price has fallen 63%, while the overall cryptocurrency market capitalization has declined by $1.63 trillion. The 38-year-old described herself as a “long-term” investor with a five-year investment horizon who traded “a little bit of everything,” including altcoins and meme coins. Retail crypto investors losing money is nothing new. A Bank of International Settlements (BIS) study conducted between 2015 and 2022 estimated that 73% to 81% of cryptocurrency investors lost money.
As the asset class grew in popularity, retail trading became increasingly difficult as deeper-pocketed, more sophisticated investors such as hedge funds entered.
The overall cryptocurrency market is gaining strength. The total market capitalization of cryptocurrencies is now $868 billion, up 2% from yesterday. Additionally, the total volume traded on the cryptocurrency market increased by 26.5312% over the previous day to reach $37.73 billion.
Crypto Market Rises
Bitcoin and other cryptocurrencies rose on December 5, with the largest digital asset breaking through a critical level. Investors expect a more dovish Federal Reserve in the United States. Hence, bitcoin has safely maintained its most recent position above $17,000. According to Binance, it acquired full ownership of Japan Sakura Exchange Bitcoin (SEBC) for an undisclosed sum. The company claims that with the purchase of Sakura, Binance has officially entered the Japanese market and obtained its first license in East Asia.
The cryptocurrency world is full of buzzwords, trends, and memes. While some of these trends have passed, the rise of meme coins has gained traction in recent years.
These coins, such as Big Eyes (BIG) and Tamadoge, have gained popularity, but their usefulness may be limited. Snowfall Protocol is a permanent fixture in cryptocurrency due to its commitment to providing seamless chain compatibility.
