Bitcoin’s market status slipped drastically over the course of the year. In a new report, Glassnode has estimated that around 550,000 Bitcoin will exit crypto exchanges in 2022. According to BTC’s current value of $16,858 (approx. 13.9 lakh), 550,000 BTC amounts to $9.2 billion (approx. The on-chain analytics company said that the coins moved ended up in cold storages, where they are not internet-dependent crypto wallets such as hardware wallets or paper wallets.
Several promising crypto projects this year lost company and market position. The collapse of Terra and FTX crypto exchangefor example, emerged as pivotal events that shaped the lackluster year-end for the crypto sector this year.
In addition, back-to-back hacks up crypto exchangesPlatforms and protocols have shaken the trust factor of crypto investors who want to avoid losing finances or personal information.
To protect the custody of their crypto assets from liquidity shortages and declarations on exchanges bankruptcy – as well as – against theft hacker – Investors have either moved their funds to cold wallets or simply withdrawn the fiat in exchange for their crypto assets.
Out of BTC’s total supply of 21 million tokens, over 19.2 million tokens are currently known.
acc glass nodeReserves of BTC stored on crypto exchanges account for less than 12 percent of the BTC supply in circulation.
In June, November and December – now bankrupt FTX exchange, Binance and Coinbase – allegedly lost 70,000 BTC, 90,000 BTC and 200,000 BTC respectively.
Despite its ongoing slump, Bitcoin hasn’t lost all its fans.
A report from the Indian Exchange last week CoinSwitch had claimed that Bitcoin, along with Ether and Dogecoin, is a popular crypto choice among Indian investors.
Analytical insight also revealed that BTC is the most popular cryptocurrency in the US.
Between November 2021 and 2022, the value of BTC fell from $68,000 (about Rs. 56,000) to $16,800 (about Rs. 13.9,000).
Advocates are not yet disappointed by the plunge and are hopeful for a brighter future for the crypto asset in the coming year.
“This year has had the opportunity to teach investors to be more secure and patient in managing and storing their investments. In late 2023, we expect the market to surge as new regulations come into effect to make crypto a safer space,” Kumar Gaurav, founder and CEO of Cashaa, a crypto-friendly neo-bank, told Gadgets 360.
Already in November El Salvador’s president Nayib Bukele had announced that the Central American nation would buy one bitcoin every day to restore confidence in the asset.
