As Bitcoin and other cryptocurrencies go through an unprecedented crisis, the number of used Lamborghinis is on the rise. Are these two phenomena related? The data seems to confirm that the “wolves of Wall Street 2.0” are in trouble…
Bitcoin has had many ups and downs since its emergence in 2009. Some have never believed in the potential of the cryptocurrency, others continue to praise its merits against all odds.
In fact, most bitcoin wallets I’m in the red now. This was revealed by the data of the company IntoTheBlock, specialized in blockchain analysis.
Half of the Bitcoin addresses have lost money
In total, 51% of the 47.9 million Bitcoin addresses, equal to 24.6 million, are below the purchase price of their investment. This means that they bought Bitcoin at a price higher than the price prevailing at the time of the study: $16,067.
This phenomenon is directly linked to the general collapse cryptocurrencies in recent months. BTC has returned to a value that has been surpassed for many years.
However, this is the first time that most addresses have been in deficit since the beginning of accident triggered by the Covid crisis in March 2020. Previously, this was in January 2019 with 55% of addresses losing. Bitcoin had fallen to $3,200 before climbing again three months later.
In 2015, a record 62% of addresses ended up “out of the money”. Still here, Bitcoin had been able to regain color some days later.
However, this new decline in BTC is happening at the same time as the disastrous failure of FTX. the market is therefore likely to have many more problems get up…
No more Lamborghinis
The consequences of the collapse of Bitcoin were not long in coming. the number of used Lamborghinis sold it is on the increase, and some are convinced that the two phenomena are connected.
Indeed, bitcoin traders are particularly fond of of the prestigious Italian brand. Many models can be seen in the parking lots of BTC conferences, and the “crypto bros” do not hesitate to show off their cars on Instagram.
The American car sales site Autotrader shows a slight increase in sales used on vehicles over $100,000 this year versus the previous three years.
The cryptocurrency crash is real.
— Brianna Wu (@BriannaWu) November 16, 2022
the automotive sales specialist Edmunds confirms the information, based on its tool that allows Internet users to estimate the price of their car before selling it. By compiling a list of nearly 70 brands, including Aston Martin, Rolls Royce, Bentley, Ferrari and Lamborghini, the company has seen the tool’s use increase a few weeks before the problems started for the cryptocurrency market.
Similarly, also notes the Twitter account CarDearlShipGuy who runs a large independent car sales group an increase ” significant » inventory levels foreign vehicles such as Lamborghini Urus and Mercedes G-Class. Cars that sold for $300,000 just a few months ago are up to $200,000 in wholesale markets.
There are currently 1,606 G Wagons for sale on AutoTrader right now. It’s more than I’ve ever seen.
Crypto kids are suffering.
— Marshall Haas 🏎 (@marshal) November 16, 2022
Earlier this summer, Bloomberg published an article revealing that luxury goods are flooding the second-hand market following the decline in cryptocurrencies. This was especially the case with Philippe Patek and Rolex watches.
Of course, these data are not enough to draw any conclusions. However, outside of the crypto-winter, the experts have not no other rational explanation to explain this sudden liquidation of Lamborghini…