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Over 70% of Bitcoin millionaires were wiped over three quarters in 2022

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from the beginning of the year cryptocurrency market has lost almost $1 trillion in market cap due to the downward pressure placed on it, leading to a series of bankruptcies involving crypto hedge funds and lenders. Celsius networkVoyager Digital, Three Arrows Capital and others to downsize Blockchain.com When coin base.

According to data compiled by fin boltthe number of Bitcoin billionaires fell by 70.23% in the first three quarters of 2022. bear marketin total Number of Bitcoin Billionaires A minimum of 29,497 as of September 28, 2022.

Based on statistics provided by BitInfoCharts.com25,395 different addresses had over $1 million in Bitcoin balances, and a further 4,102 addresses had a total balance of over $10 million at the end of Q3.

Bitcoin millionaire. Source: BitInfoCharts.com

Adoption of web archive tools wayback machine, the numbers showed On January 5, 2022, 99,092 Bitcoins (Bitcoin) address had over $1 million in digital assets at the start of the first quarter.

Bitcoin billionaire hit hard in market drop

Since January, the number of Bitcoin millionaires has dropped significantly. The losses are even more dramatic if we go all the way back to October 2021, when BTC was trading near all-time highs. 116,139 Bitcoin addresses confirmed as billionaires on October 28, 2021.

Coincidentally, October 28, 2021 was also the same day crypto exchange Crypto.com aired its commercial Matt Damon promotes cryptocurrency“Luck favors the brave!” bull run.

Several factors continue to weigh on Bitcoin’s performance, including increased regulatory scrutiny, volatile markets, geopolitical uncertainty, rising inflation and rising interest rates.Despite this, Bitcoin regained $20,000 last week and Bitcoin bulls are fighting keep the price uptrend Upon publication, after losing momentum and surpassing $21,000.

As of now, Bitcoin is trading at $20,428, down 1.2% on the day, but up more than 7% last week, according to CoinMarketCap data.

Disclaimer: The content of this site should not be considered investment advice. Investment is speculation. Your capital is at risk when you invest.

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