Goodbye millionaire status with Bitcoin (BTC)! In comparison to its prior market capitalization, the cryptocurrency market has lost more than $1 trillion in value since the start of the year. The downward pressure put on cryptocurrencies prompted such a decline, sparking a crisis that affected the whole global digital asset market. The decline in the number of millionaire Bitcoin users is one of the main effects of the cryptocurrency crisis. a startling decline of about 70%.
The cryptocurrency crisis has resulted in a 70% decrease in the number of millionaires using Bitcoin (BTC).
According to recent data, there were 30,626 millionaires using bitcoin as of June 29, 2022. Statistics from BitInfoCharts.com show that there were 26,284 addresses with a BTC balance of above $1 million. While the cumulative balance at 4,342 addresses was at least $10 million. The most startling aspect, however, is seen when we contrast these numbers with those of January 5, 2022. In fact, 99,092 BTC addresses containing more than $1 million in BTC were recorded on this date. This indicates a decline of 69.09 percent from the year’s start.
When comparing bitcoin (BTC) today to bitcoin when it peaked, there has been a sharp decline.
The number of Bitcoin millionaires has drastically decreased since early January, but the downturn is more striking if we look back further. until October 2021, specifically, when BTC prices were at their maximum. The loss is far more severe. In fact, a 73.62 percent reduction would be seen between October 28, 2021, and June 29, 2022, when 116,139 Bitcoin addresses were validated as millionaires.
Bitcoin (BTC) holds steady at roughly $20,000 but does not yet rise.
Numerous problems are still having a negative impact on the asset’s performance. Increasing regulatory vigilance, choppy market conditions, geopolitical turmoil, rising inflation, and rising interest rates are a few. A growing number of cryptocurrency traders are attempting to short Bitcoin as a result of the market’s instability. According to data from CoinMarketCap, BTC is presently trading at $19,143, down 4.74 percent over the past 24 hours and 6.06 percent from the previous week, with a total market value of $365 billion.
