Many investors who thought it was a sure shot are losing money on it.
According to a new analysis from Glassnode, roughly 40 percent of the holders of the world's most popular coin have lost money. The percentage is likely higher for those who invested over the past few years, when the currency started becoming choppy before falling steeply in recent months.
In the past month alone, more than 15 percent of all Bitcoins were lost. It is ironic that despite the early belief that the tech would be a means to the stock market, it is still doing poorly right now.
Since its all-time high in November, the value of the digital currency has fallen more than 50 percent.
The crash is believed to be the result of market responses to the Federal Reserve raising interest rates.
That isn't the whole story.
The lead analyst at Blockware Solutions told MarketWatch that investors are trading bitcoins the way that they trade tech stocks.
With the global economy continuing to trend downward amid massive inflation and turmoil, it's no surprise thatcryptocurrencies are following suit. Middle class investors who were promised a good return on their investment might never see it.
Rate Hikes Drive Markets Lower.
They've mined almost all of the currency that will ever exist.
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