Approximately 7.7 Million BTC May Be Inaccessible - COINTURK NEWS
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Approximately 7.7 Million BTC May Be Inaccessible

4:41 pm (141 days ago)
July 17, 2023

IntoTheBlock, a chain-based data provider, has shared important data showing how many of the slightly over 19 million Bitcoins (BTC) released into circulation have permanently left circulation.

IntoTheBlock recently tweeted that approximately 29% of the circulating BTC has remained inactive for five years. The company emphasizes that access to a significant portion of these Bitcoins has been permanently lost.

IntoTheBlock’s Bitcoin announcement aligns with the tweet from crypto data platform Glassnode regarding the metric of stolen or lost Bitcoins. The crypto data platform recently reported that this metric indicated 7,781,224 BTC.

The current circulating supply of Bitcoin is 19,431,743, and approximately 7.8 million of the circulating supply is now inaccessible. This means that there are only about 11.5 million BTC in circulation.

The Current State of Bitcoin

Bitcoin, the crypto king, rose by 3.5% and reached $31,800 after the court’s ruling in the case opened by the U.S. Securities and Exchange Commission (SEC), stating that the sale of XRP in secondary markets did not violate securities laws. Ripple’s partial victory against the SEC resulted in a 90% increase in the price of XRP.

Following the news of the SEC’s lawsuit opened in December 2020, many leading cryptocurrency exchanges that delisted XRP have relisted it. In particular, Coinbase and Binance‘s U.S. branch, Binance.US, decided to relist XRP.

After the news about XRP from the U.S. court, Bitcoin and other altcoins, which had risen rapidly, started to decline again as we approached July 14. According to data provided by crypto price data platform CoinMarketCap, the largest cryptocurrency dropped to $30,071 on that day. BTC, at the time of writing this article, is trading at $30,179, experiencing a 0.41% decrease in the last 24 hours.

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