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- Out of 21 million bitcoins, only 2.1 million are remaining to be mined
- Due to this huge decline in bitcoins, the market will soon witness very high prices
- A huge portion of the cryptocurrencies have been illiquifiably supplied in the crypto market and are lost
Based on the present analysis, over 78% of Bitcoins are either lost to thieves, and a little more is being hodled. This has left about 4 million bitcoins available to sell to the upcoming investors in the crypto market. A data released by Glassnode clearly explained the underlying rationale that was causing such a difficulty for new buyers to buy bitcoins from the market. The data produced before the public showed that only 22% are actually under circulation out of all. They are the only crypto available for buying and selling in the market. Recording the present-day value, it has fallen to 0.62% of what Bitcoin used for trading earlier. It made transactions with trading volumes of over $63 billion, worth $38,371.01.
The actual concern for the market
If we focus, then we can conclude that in total, only 21 million bitcoins can be produced, out of which in today’s time, 18.9 million are already in the circulation process. So the stats show that only 2.1 million bitcoin is remaining to be produced, with over 4.5 million already lost to unknown sources. With the rising demands of the most well-known crypto company, the liquidity of the currency has begun to dry up.
In 2020, over $30 billion crypto coins were lost in the market to unknown sources via liquid supply, and Glassnode revealed this data. This very incident has affected the inflow of bitcoins at a marked level. Experts are saying that in the present situations, if we look closely into the market, the liquid supply of the crypto is drying up, and is growing to a larger extent, and has surpassed the current circulating supply of the currency in the market, as per reports from the leading analysis companies.
Outcomes of these falling crypto assets
Such a similar sort of incidence was recorded in 2017 due to a bullish rally. This is the first time that the market is witnessing a huge scarcity of bitcoins cryptocurrencies. Due to the falling amount of bitcoin it has been ordered that the remaining 4 million bitcoins should not be mined completely for a period of at least 122 years. On this Thursday, the bitcoin mining industry reached the 17 million mark as per blockchains data. With this event, the prices will soon rise to higher values, as was said by a bitcoin investor, Ansel Lindner.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
