Bitcoin’s Long Term Holders Hold 90% of the Profitable Supply

The price of Bitcoin, the largest cryptocurrency by market capitalization, has been declining over the past few months. The reasons behind this are the global recession and the selloff in the crypto market. However, long-term holders of bitcoin hold 90 percent of bitcoin’s total week in profits.

Glassnode reports that in recent months bitcoin The dominance of long-term holders has increased in the circulation of The circulating supply of bitcoin is 19,061,762 coins. Supply in profit means the total number of bitcoins that are in profit in the market. It is calculated based on the last sale price of each bitcoin. If the current price of bitcoin is higher than its purchase rate, it is considered to be in profit. Short-term holders of bitcoin currently hold about 10 percent of its profitable supply.

The ratio is at a seven-month high with 44 percent in terms of market capitalization of bitcoin and the rest of the cryptocurrency market. The reason for this is the decrease in the price of bitcoin. At the time of publishing this report, the price of bitcoin was at $31,879 according to Gadgets 360’s price tracker. Apart from being an investment tool, other uses of bitcoin are also being considered. For example, a March study by financial services firm Deloitte showed that bitcoin could be used to create a lower-cost and more secure ecosystem for a digital common currency or central bank digital currency (CBDC). could.

A CBDC is a blockchain-based payment solution controlled by a central bank. It Works Like Cryptocurrencies But Like Cryptocurrencies CBDC There is no volatility and other risks. Transactions on CBDC can be tracked by the government. CBDC can be launched in India in this financial year. The Reserve Bank of India (RBI) has said that CBDC will be integrated with the existing monetary policy as well as payment systems. In the US, the Federal Reserve is exploring the possibility of launching a CBDC. Russia has started testing a CBDC called the Digital Ruble. Earlier this year, China tested the digital yuan during the Winter Olympics.
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