Over 80,000 Bitcoin ($BTC) millionaires holdings their cash on the cryptocurrency’s blockchain have misplaced their millionaire standing over the continued cryptocurrency bear market that noticed the whole capitalization of the house drop under $1 trillion for the primary time since early 2021.
According to information from BitInfoCharts, in November of final yr when the worth of BTC hit a brand new all-time excessive above $69,000, there have been a complete of 108,996 addresses on the Bitcoin blockchain that had a BTC steadiness value over $1 million.
As the worth of the flagship cryptocurrency plunged under the $20,000 mark amid an ongoing crypto bear market that in line with analysts could also be the worst one on document,76% of BTC millionaires have misplaced their standing, with present information displaying 25,432 addresses having a steadiness above $1 million.
With BTC buying and selling at round $19,000 on the time of writing, these addresses have to have round 52.58 BTC to attain millionaire standing. Similarly, as first reported by Cointelegraph, the quantity of Bitcoin whales with over $10 million of their wallets additionally plunged, from 10,587 in November to 4,236 on the time of writing. These whale addresses, it’s value noting, probably embrace these of cryptocurrency exchanges holding the funds of numerous customers.
It’s value noting this information comes from the Bitcoin blockchain, which means it represents customers holding their funds in wallets they management. How many Bitcoin millionaires there are in complete – counting custody options and crypto exchanges – isn’t clear.
The cryptocurrency sell-off this yr was exacerbated by embattled cryptocurrency corporations who each have been shedding workers and freezing withdrawals from their platforms citing “excessive market circumstances.” Crypto lender Celsius Network has reportedly been suggested to file for chapter, whereas rival lender babel Finance and crypto trade CoinFLEX froze withdrawals.
Three Arrows Capital, a significant crypto hedge fund, has just lately entered liquidation after reportedly failing to satisfy its commitments, placing additional downward stress in the marketplace.
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https://www.cryptoglobe.com/newest/2022/07/number-of-bitcoin-btc-millionaires-drops-76-amid-crypto-bear-market/