Investors profit $2 billion from Bitcoin (BTC) in a week after months of losses

Charlie Taylor

After months of losses caused by the fall in the price of Bitcoin (BTC), cryptocurrency investors have finally started to make more returns than losses. According to a report published by Glassnode this Monday afternoon, more than $2 billion in profits were realized by BTC holders in the past seven days. In the same period, only US$ 260 million of "falls" were registered. “This suggests that there is a part of the market that has spent its profitable currencies, potentially getting outflow liquidity,” the company said. This is a different scenario from the one seen between May and mid-July, when Bitcoin dropped from US$60,000 to below US$30,000, losing 50% of its value. In early June, for example, investors racked up losses of $1.5 billion in just one week, according to Glassnode. Sardines were the ones that 'suffered' the most during the period.

Optimistic market, but not too much

Investors were able to profit in the last seven days as Bitcoin showed signs of recovery and returned to trading above US$40,000. Digital asset miners also saw their revenues reach US$971 million in July, 15% higher than in June. Part of the currency's rise can be attributed to positive statements by Elon Musk – CEO of Telsa and SpaceX – about the digital asset. In short, he said that he and his companies have BTC. Rumors that Amazon might enter the cryptocurrency market also pushed the price up, though they were later denied by the e-commerce giant itself. In recent days, however, the BTC has seen its price 'cool down' again because of a FUD (fear, uncertainty and doubt) generated by the new US infrastructure plan. The project, which has not yet been approved, could create taxes of up to US$28 billion for the cryptocurrency market, which left investors scared.

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