75% of Bitcoin (BTC) has now been held for more than 6 months according to fresh on-chain data that has been released.
A recent analysis of Bitcoin’s blockchain activity reveals that a significant portion of the cryptocurrency, roughly three-quarters, has remained untouched for at least six months.
This data, gathered by the blockchain analytics platform Glassnode, indicates that a large amount of Bitcoin is being held long-term, suggesting a strong belief in the asset’s future value.
This trend is particularly noteworthy given the recent price decline of Bitcoin, which has fallen by 21% from its all-time high.
Just a week ago, only about 45% of Bitcoin was inactive for at least six months, showing a rapid increase in long-term holding.
This suggests that despite recent price fluctuations, many Bitcoin holders remain confident in the asset’s long-term potential.
The fact that a large portion of Bitcoin hasn’t moved in months suggests that many investors are treating it as a long-term investment, holding onto it with the expectation that its value will rise in the future.
This “hodling” behavior also has the effect of reducing the amount of Bitcoin available for trading.
With less Bitcoin available and demand remaining high, the price of Bitcoin could potentially increase.
Experts had recently touched on Bitcoin’s major drop, but the cryptocurrency has now recovered since it’s monthly lower levels.
At the time of this publication, Bitcoin (BTC) is trading at 59,036.50.
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Also Read: Here Is What Experts Are Now Saying About Bitcoin’s Plunge
Other Cryptocurrency News Today
Kamala Harris is now proposing raising crypto tax to 28%, according to an announcement she made in a recent campaign in Georgia.
During her recent campaign stop in Georgia, Vice President Kamala Harris proposed raising the tax rate on cryptocurrency investments to 28% for the wealthy.
This move is part of her broader economic policy, which aims to support the middle class and small businesses.
Harris’s economic proposal echoes President Biden’s budget plan, which includes raising taxes on wealthy cryptocurrency investors.
The idea is centered around strengthening the middle class, providing support for small businesses, and tackling student loan debt.
Her approach emphasizes fairness and creating more economic opportunities for everyone.
However, the crypto community says raising the crypto tax to 28% is too much.
In Atlanta, Harris drew a larger crowd than President Biden has this year, highlighting her campaign’s strength in the South.
Her speech featured a notable appearance with rapper Megan Thee Stallion, reflecting a high-profile campaign effort.
In mid-August, Harris is expected to further detail parts of her economic agenda.
“Her platform continues to prioritize support for working families and small businesses, along with her commitment to addressing economic inequality,” reports CoinLive.
It seems the solution to every problem at the moment seems to be ‘higher taxes’.
But higher taxes is only making the government wealthier, no matter the party.
With inflation rising and less purchasing power from Americans due to rising taxes and mass layoffs, is higher taxes really what America needs right now?
Leave your thoughts below.
Also Read: Massive Banks Are Now Accused of Cheating Customers Billions
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