From ceiling to floor – The number of Bitcoin (BTC) millionaires has plummeted since the cryptocurrency price began a long descent after hitting an all-time high in the last quarter of last year.
Bears Are Bleeding Crypto Millionaires’ Bitcoin Wallets
They were at a maximum of 29,497 on September 28. According to data compiled by Finbold, the number of Bitcoin millionaires recorded a drop of 70.23%during the first three quarters of this year.
Statistics from BitInfoCharts.com indicate that 25,395 addresses had a balance of more than $1 million in Bitcoin, and the combined balance of another 4,102 addresses was around $10 million, at the end of the day. end of the third trimester.
The number of millionaire BTC addresses was close to 100,000 at the start of the year. 99,092 addresses held at least $1 million in Bitcoin on January 5, 2022, according to data collected using the WaybackMachinewhich is used to access the archives of websites.
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Crypto Winter Lingers, Hopes Lie in Falling Dollar
Unsurprisingly, bear markets this year have not spared Bitcoin whales. But the losses are even more importantwhen the balances of the addresses concerned at the end of the third quarter of this year, are compared with those of October 2021. On October 28 of last year, 116,139 addresses held at least $1 million in Bitcoin.
Bitcoin had hit an all-time high near $69,000 in November 2021. It is trading at $20,540 at the time of writing. Its course thus collapsed about 70%, since hitting that peak last year.
Although the price of Bitcoin recently rebounded above $20,000, doubts remain about a bullish continuity, which could mark the beginning of spring for the crypto markets in general.
Some observers hope that the US Federal Reserve (FED) decreases the scale of the next increases interest rates, a pivot that could benefit risky assets and then fuel a long climb towards $30,000.
Generally speaking, the markets are closely watching the evolution of the macroeconomic context, which could either benefit Bitcoin at the expense of the dollar, or produce the opposite result.
The number of Bitcoin millionaires is likely to shrink even further, should the forecast of a $14,000 bottom materialize by the end of this year.
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