Goodbye Bitcoin (BTC) millionaire status! Since the beginning of the year, the cryptocurrency market has lost over $1 trillion in value compared to its previous market capitalization. Such a fall was caused by the downward pressure exerted on cryptocurrencies, leading to a crisis that engulfed the entire digital asset industry globally. A major consequence of the cryptocurrency crisis is the fall in the number of Bitcoin millionaires. A staggering drop of almost 70%.
Bitcoin (BTC) millionaires have dropped by 70% due to the cryptocurrency crisis
Current data indicates that as of June 29, 2022, the number of Bitcoin millionaires was 30,626. Specifically, addresses with a BTC balance of over $1 million were 26,284, according to statistics from BitInfoCharts.com . While 4,342 addresses had a combined balance of around $10 million or more. But the most striking thing comes when we compare these figures to those of January 5, 2022. Indeed, on this date, 99,092 BTC addresses with more than $1 million worth of BTC were reported. This represents a drop of 69.09% since the beginning of the year.
A dramatic drop when comparing today’s bitcoin (BTC) to bitcoin at its peak
Since early January, the number of Bitcoin millionaires has dropped significantly, but the decline is more impressive if we go back to an earlier date… Specifically, until October 2021, when BTC was trading at its highest rate. . The loss is far more dramatic. In fact, when 116,139 Bitcoin addresses were confirmed as millionaires on October 28, 2021, that would show a 73.62% decline between that date and June 29, 2022.
Bitcoin (BTC) stabilizes around $20,000, but fails to rally yet
The asset’s performance continues to be negatively affected by a number of issues. Some include increased regulatory scrutiny, volatile market conditions, geopolitical unrest, rising inflation and rising interest rates. With such uncertainty in the market, more and more crypto traders are looking to short Bitcoin. As it stands, BTC is currently trading at $19,143, down 4.74% in the last 24 hours and down 6.06% from the previous week, with a total market value of $365 billion, according to data from CoinMarketCap.
70% fewer Bitcoin millionaires… This figure may seem impressive. Nevertheless, the reality of the BTC price forces us to accept the obvious. With almost two-thirds of its value lost, bitcoin caused many people to lose, especially those who had invested large sums. All hope is not lost, since the cryptocurrency can always see its price go up. And in this case, the Bitcoin millionaires will again be in abundance.
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.