Bitcoin Update : According to Mizuho, 50% of bitcoin owners on the Coinbase exchange may experience losses.

According to analysts at Mizuho, around half of bitcoin users who use Coinbase as an exchange are probably suffering losses after the biggest cryptocurrency fell to $20,834 late Monday, the lowest level since December 2020.

According to data from CoinDesk, Bitcoin BTCUSD, -11.29 percent is currently trading at about $21,523, down 6% over the last 24 hours and about 70% from its all-time high in November.

Based on a survey of 145 users of the exchange, a Mizuho study estimated that the average cost basis for bitcoin holders on Coinbase COIN, +0.33 percent was $21,000. They predict that about half of those questioned would experience losses if the bitcoin fell below that threshold.

According to data at Glassnode, the realised price of one bitcoin has fallen below the current level of $23,430. The indicator shows the average cost per bitcoin in circulation as of the last time it was used to make a transaction on the blockchain.

Outside of the "deepest and latest stages of bear markets," the Glassnode analysts noted in a note on Tuesday, Bitcoin has rarely fallen below its realised price. It last fell below these levels in March 2020 and during the conclusion of the 2018–2019 bear market.

According to experts at Mizuho, Coinbase's overall crypto trading volume for the second quarter was anticipated to be $220 billion, significantly less than the $309 billion volume for the first quarter.

From June 1 to June 11, they calculated the average daily trade volume on Coinbase to be $1.7 billion. According to the Mizuho analysts, if recent weakness persists until the end of the year, the company's total volume in 2022 would be close to $836 billion, potentially translating to $3 billion in revenue, or 30% below current estimate.

Additionally, Coinbase announced Tuesday that it would reduce its workforce by 18%. As Coinbase encounters more competition, it might hinder the company's efforts to develop new sources of income, according to the analysts.

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