Fun

News Feed - 2023-11-22 12:11:16

William Suberg8 hours agoBTC price returns key profit mark to Bitcoin exchange users at $34.7KBitcoin is busy setting records for various investor cohorts as BTC price strength keeps a longer-term recovery in place.4216 Total views16 Total sharesListen to article 0:00Markets NewsJoin us on social networksBitcoin (BTC) bought on exchanges every year since 2017 is now on average in profit, the latest data confirms.


Compiled by on-chain analytics firm Glassnode, exchange withdrawal figures confirm that at $37,000, a user’s purchase is on aggregate “in the black.”Bitcoin exchange users claw back bear market losses


Bitcoin returned multiple investor cohorts to profit when it retook $30,000 last month, but current prices are having an impact on BTC buyers who entered much earlier.


According to Glassnode, which monitors the aggregate price at which coins left exchange wallets each year since 2017, $34,700 is the magic number for turning a profit on investment.


Put another way, anyone who withdrew Bitcoin from a major exchange since Jan. 1, 2017, is up in dollar terms compared to the year of withdrawal.


This includes those who purchased during Bitcoin’s last bull run year, during which BTC/USD hit all-time highs of $69,000.


The last time BTC/USD traded above all the post-2017 cost basis lines was at the end of 2021.


“The average withdrawal price for Bitcoin investors across all yearly classes are now in profit,” Checkmate, Glassnode’s lead on-chain analyst, wrote in X (formerly Twitter) commentary about the data on Nov. 21.“This model can be considered the ‘DCA cost basis’ for the average investor who started accumulating from 1-Jan of each year. Class of 2021 have the highest entry price at $34.7k.”Bitcoin exchange average withdrawal price by year chart. Source: GlassnodeNew realized price records flow in


Exchange withdrawal realized price adds another key line in the sand to the current BTC price range.


Related: Bitcoin stalls below $38K as analysis hints ‘Notorious B.I.D.’ is back


As Cointelegraph reported, $39,000 is also an important profitability mark, reflecting the price at which 2021 bull market buyers on aggregate return to profit.


That level also forms the lower bound of popular analyst Credible Crypto’s pre-halving BTC price target range, which bounded to the upside by $50,000. The halving is due next April.


Meanwhile, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, revealed a new all-time high for the total Bitcoin realized price — the complete acquisition cost of the BTC supply.


Short-term holders’ (STH) coins, which refer to the portion of the supply beyond exchanges that has moved in the past 155 days, now also have a higher acquisition cost than ever before.


The total realized price and STH realized price now stand approximately $10,000 apart, at around $20,930 and $30,460, respectively.


“This ascension emphasizes an increased probability of these coins being spent on a given day and signifies the influx of new investors, with a remarkable 3% surge being the highest since May 2023,” Van Straten wrote.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reactionAdd reactionRead moreExpect some crypto companies to fail in the wake of Bitcoin"s halvingSpot Bitcoin ETF: Why this time is differentBitcoin traders’ BTC price dip targets now include $30.9K bottom

News Feed

South Africa begins licensing crypto exchanges as applications pile up
Derek Andersen3 hours agoSouth Africa begins licensing crypto exchanges as applications pile upApplications poured in before the Nov. 30 deadline, so more approvals could be on the way.2732 Total views3 Total sharesListe
‘Big Short’ Investor Michael Burry Not Shorting Bitcoin, Warns ‘Cryptocurrencies Are in a Bubble’
"Big Short" Investor Michael Burry Not Shorting Bitcoin, Warns "Cryptocurrencies Are in a Bubble" Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis,
SEC to Sue Ripple Over XRP Cryptocurrency — CEO Insists XRP Is Not a Security
SEC to Sue Ripple Over XRP Cryptocurrency — CEO Insists XRP Is Not a Security The U.S. Securities and Exchange Commission (SEC) is set to bring a lawsuit again
Viking Silver Found on Isle of Man Represents 1,000-Year-Old Analog Version of Bitcoin
Viking Silver Found on Isle of Man Represents 1,000-Year-Old Analog Version of Bitcoin Off the coast of the Irish Sea, humans have lived on the Isle of Man since
Kentucky Regulators Crack Down on Blockfi Interest-Bearing Accounts
Kentucky Regulators Crack Down on Blockfi Interest-Bearing Accounts The crypto lender Blockfi is now dealing with regulators from five states as Kentucky has joi
Bitcoin Options Market Signals Further Upside Potential For BTC Price: New ATH Soon?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Afghanistan Closes Down 16 Cryptocurrency Exchanges, Arrests Operators
Afghanistan Closes Down 16 Cryptocurrency Exchanges, Arrests Operators Law enforcement in Afghanistan has shut down over a dozen crypto exchanges in Herat, detaining the people who
Tether helps US DOJ and FBI recover $1.4M in stolen funds
Tristan Greene8 hours agoTether helps US DOJ and FBI recover $1.4M in stolen fundsThe U.S. Attorney’s Office says this is one of the first times the U.S. has recovered USDT from an unhosted digital currency wallet.2322
Plustoken Cash-Outs Could Be Behind BTC Price Drop, Says Report
Plustoken Cash-Outs Could Be Behind BTC Price Drop, Says Report On Monday, the blockchain surveillance company Chainalysis published an excerpt from the firm’s upcoming cri
Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary
Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank"s Kevin O’leary The blockchain project Polygon announced it has raised $450 million on Monday in a fu
DePINs are a proven path to crypto mass adoption — XYO co-founder
Jonathan DeYoung12 hours agoDePINs are a proven path to crypto mass adoption — XYO co-founderXYO co-founder Markus Levin argues that DePINs can make AI more trustworthy, empower users and businesses alike, and usher in
England’s Manchester United Set to Unveil Tezos Blockchain Shirt Sponsorship, Report
England"s Manchester United Set to Unveil Tezos Blockchain Shirt Sponsorship, Report Tezos blockchain has reportedly agreed to a training kit sponsorship with Manchester United in