About half of bitcoin holders using Coinbase as an exchange likely are facing losses, after the cryptocurrency fell as low as $20,834.
About half of bitcoin holders using Coinbase as an exchange likely are facing losses, after the largest cryptocurrency fell to $20,834 late Monday, the lowest level since December 2020, according to analysts at Mizuho.
A Mizuho survey pegged the average cost basis for bitcoin holders on Coinbase COIN, -0.83% at $21,000, based on a poll of 145 customers on the exchange. With the cryptocurrency falling below that figure, they estimate roughly half of holders surveyed would be facing losses. Bitcoin rarely has dipped below its realized price “outside the deepest and latest stages of bear markets,” the Glassnode analysts wrote in a Tuesday note. The last instances when it dropped below such levels were in March 2020, and the end of the 2018-2019 bear market.
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