Glassnode suggested bitcoin is in its deepest bear market territory as the network activity has dumped, prompted by a lack of new users.
After confirming that June was bitcoin’s worst trading month in over a decade, the analytics resource Glassnode suggested that the bottom could be near as the so-called “market tourist” have fled the scene. However, the company’s latest report warned that this cycle could be different due to outside economic pressure.Although April and May didn’t go all that well for the primary cryptocurrency either, the asset still entered June at above $30,000. In fact, it stood at just over $32,000 .
It had already lost about 40% of value since the yearly peak at the end of March, but the situation worsened in the following 30 days amid the ongoing market crash. As crypto lenders stopped withdrawals and hedge funds became insolvent, the shockwave hit all cryptocurrencies, including the largest one.in the middle of the month at $17,500. Although it recovered some ground in the following few weeks, it still ended June just under $20,000.
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