The crash in cryptocurrency prices has seen the number of Bitcoin millionaires drop by more than 75% since last November.
The cryptocurrency crash has seen the number of Bitcoin millionaires drop by more than 75% since last November. More than 80,000 Bitcoin investors have had their millionaire status revoked due to the market crash, although lower prices have seen an increase in the number of users owning 1 full BTC.
In November, days after Bitcoin hit a new all-time high of around $69,000, a total of 108,886 Bitcoin addresses reported a balance of over $1 million, according to BitInfoCharts data collected by Cointelegraph.
Currently, with the price of Bitcoin struggling to stay above $20,000 unsuccessfully, only 26,284 addresses have a balance greater than $1 million, meaning the number of BTC millionaires has dropped by more than 75 percent. % in the last nine months.
Bull and Bear Markets
Despite the declining net worth of former BTC millionaires, the bear market has seen over 13,000 new “wholecoiners” – i.e. wallets containing one or more BTC – have been added to the market, pushing up the number of total wholecoiners to just over 860,000. This significant increase in the number of wholecoiners suggests that retail investors are hoarding large amounts of BTC as prices plunge.
Adding more credibility to the retail accumulation narrative, more than 250,000 addresses have added 0.1 BTC, or $2,000 at press time, or more to their holdings in the last 20 days, according to data from Glassnode.
Bitcoin and the rest of the digital asset market have been negatively affected by a number of different issues, including increased regulatory scrutiny, sustained geopolitical unrest, rising inflation, and interest rate hikes.
BTC’s Long and Winding Road
Due to the growing uncertainty surrounding the stability of global markets, commentators seem to agree that the price of risky assets like Bitcoin could continue to suffer in the long run.
Twitter user @TXMCtrades posted on June 29 that, “Despite the dreams of decouploors, #Bitcoin is unlikely to grow in a sustained way unless the economy also shows significant improvement, as they are undeniably linked.”
In addition, data from Cointelegraph Markets Pro and TradingView recorded the BTC/USD pair crossing below the $20,000 mark for the first time in nearly a week in Asian trading hours.
The weakness followed range-bound behavior near $21,000, characterizing a market still in tune with global equity moves.
Currently, Bitcoin is changing hands for $20,005, down 1.63% in the last 24 hours and down 37% in the last 30 days, with a total market capitalization of $382 billion, according to data from CoinMarketCap.
By Audy Castaneda