futurewithcrypto.com
A crypto trader in Abu Dhabi named Jad Fawaz declares, "I'm almost bankrupt." There is no point in expressing more dejection and angst about it, so I'm laughing.
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The 45-year-old has seen his holdings vanish in recent months after quitting his real estate career a year ago to concentrate on trading.
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He says, "I had about 40 coins, then I went down to 20, then to 10, then to five, and now I'm down to the last two coins, which are bitcoin and ripple XRP.
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I will pass away before selling these last two coins, so they are the last two.
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Bitcoin balances on cryptocurrency exchanges, where retail investors frequently interact, have decreased from an all-time high of 3.1 million in 2020 to roughly 2.3 million, according to exchange Bitfinex.
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Self-custody wallet balances have not increased at the same rate, indicating that more money is being sold than stored, it continued.
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According to Bitfinex experts, "there are evidence that a sizable number of retail investors have been deterred to the point of completely quitting crypto."
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Investors have had a terrible year. While the market capitalization of all cryptocurrencies has lost $1.63 trillion in value, the price of Bitcoin has fallen by 63%.
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The market was pounded hard by Sam Bankman-FTX Fried's exchange's demise.
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According to Glassnode data, investors were forced to sell long-term positions in November, resulting in a 7-day realised loss of $10.16 billion in bitcoin investments
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