The blockchain data provider Glassnode pointed out several factors that indicate the bearish nature of the current digital asset market.
The past few weeks have not been kind to the cryptocurrency industry and the financial markets. In line with the fear of a growing conflict in Ukraine, the civil unrest in Canada, and the Fed’s decision to raise interest rates, the prices of most assets significantly declined. Bitcoin, for one, dropped to $36,000, which is its lowest price since February 3rd.
The analytics company noted that bitcoin’s on-chain activity failed to make any progress last week, which is the first sign of decreasing interest and demand for the asset. As such, the report outlined that the percentage of entities in profit ranges between 65.78% and 76.7%.
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