A study showed that around three-quarters of users have recently lost money on their bitcoin investments as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence. Economists at the Bank of International Settlements, an institution widely considered as the central banks of central banks, analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022. During the period studied, the price of bitcoin rose from USD250 in August 2015 to peak at nearly USD69,000 in November 2021. It is now trading at around USD16,500. The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period. Researchers said their analysis has shown that, around the world, bitcoin price increases have been tied to greater entry by retail investors.
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