Markets80,000 Bitcoin millionaires were eliminated in the crypto crash of 2022

80,000 Bitcoin millionaires were eliminated in the crypto crash of 2022

This crypto crash of 2022 has wiped out thousands of bitcoin millionaires from the crypto market and these bitcoin millionaires decline by more than 76% from November 2021.

More than 80,000 Bitcoin investors lost their money in this declining market, especially during this bitcoin crash. As bitcoin is down almost 40% for the month of June and down 58% for the year so far. But this lower price means the number of whole coiners are growing.

In Nov when Bitcoin hit its all-time high of around $69,000 that time total of 107,992 BTC addresses reported a total balance of more than $1.2 million. Today Bitcoin price is trying to hold $20,000 region and now 26,300 addresses are reported which are holding more than $1 million. So this shows that no of paper millionaires declined by almost 76% in the last nine months.

This decline has also affected the number of Bitcoin whales who had wallet-size above $10 million. There were around 10,492 addresses whose wallet size was $10M in Nov. Last year just 4,298 addresses hold the same amount today it’s a decline of almost 59%. With this decline, we have seen more adoption in the Bitcoin market. There are around 13,000 new wallet addresses that hold at least 1 or more BTC. The total no of addresses that hold 1 Bitcoin is above 861,000. It’s a huge spike in the total no of people who hold at least one Bitcoin. It shows that the retail investors are accumulating Bitcoin while this crypto crash 2022.

Glassnode data shows that more than 251,000 addresses have added $2,000 worth of Bitcoin to their portfolio which is 0.1 BTC in the last 20 days. 

Mark Cuban a crypto billionaire says that it’s not cheap yet he says the bitcoin price will not recover until we focus on making use cases and applications of bitcoin. Bitcoin and stocks are highly impacted due to a number of different issues. 

It includes an increase in regulatory issues and rising inflation and interest rates. Due to this uncertainty in markets analyst says Bitcoin can suffer more in long term. In this bitcoin crash Bitcoin is 37% down from the last 30 days and 1.60% down in the last 24 hours.

Read: Crypto is a pure money-making machine: Kevin O’Leary.

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