In The First Half Of 2022, Almost 70% Of Bitcoin Millionaires Were Gone

Due to the negative pressure applied to it since the beginning of the year, the bitcoin and cryptocurrency market has lost almost $1 trillion in value from its market cap, causing a crisis that is engulfing the entire digital asset sector on a worldwide scale.

Holders of the leading digital currency Bitcoin (BTC) have suffered as a direct result of this, as shown by the fact that the number of BTC millionaires drastically declined by about 70% in the first half of 2022.

30,626 people have made $1 million or more with bitcoin. Statistics from BitInfoCharts.com show that there were 26,284 addresses with a BTC balance more than $1 million.

While 4,342 of the addresses had a balance of at least $10 million between them. However, using the online archiver Wayback Machine, it was discovered that on January 5, 99,092 BTC addresses had more than $1 million worth of BTC, a fall of 69.09% from the start of the year.

Bitcoin millionaires are significantly declining

The number of BTC billionaires has significantly decreased since the beginning of January, but the decline is more striking if we extend the time period back to October 2021, when BTC was trading close to its all-time high.

In actuality, a loss of 73.62% would have occurred between October 28, 2021, when 116,139 BTC addresses were confirmed to be millionaires, and June 29, 2022.

Numerous factors, some of which include greater regulatory scrutiny, erratic market circumstances, geopolitical unrest, rising inflation, and rate hikes, continue to have a negative impact on the asset’s performance.

More cryptocurrency traders are looking to short Bitcoin as a result of the market’s instability. Currently, according to data from CoinMarketCap, Bitcoin has a market value of $382 billion and is selling at $20,037, down 4.68% in the last day and 1.66% over the previous week.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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