Bitcoin is having an extremely underwhelming year
, Bitcoin briefly turned positive for the year in late March and surged to a new 2022 peak of $48,189 on the Bitstamp exchange. The widely-tracked crypto"fear and greed index" also flashed greed for the first time in months due to improving market sentiment.
However, the recovery ended up being short-lived. On Apr. 18, Bitcoin plunged to $38,536, the lowest level since mid-March. The Federal Reserve’s increasing pace of interest hikes is currently the main concern for investors since a hawkish monetary policy stance is unlikely to bode well for risk assets such as Bitcoin.
The largest cryptocurrency is down a whopping 40.05% since hitting its current all-time peak of over $69,000. Yet, according to recent data provided by Glassode, roughly 75% of all Bitcoin addresses remain in profit despite the significant market correction. For comparison, only 50% were in profit in March 2020 after a massive pandemic-induced crash. Hence, it seems like the current bear market cycle is not as brutal as the previous ones.
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