From ceiling to floor – The number of Bitcoin (BTC) millionaires has plummeted since the price of cryptocurrency began a long decline after reaching an all-time high in the last quarter of last year.
Bears are bleeding crypto millionaires’ Bitcoin wallets
On September 28, they stood at a maximum of 29,497. According to data collected by Finbold, the number of Bitcoin millionaires has been recorded a decrease of 70.23%during the first three quarters of this year.
Statistics from BitInfoCharts.com indicate that 25,395 addresses had balances of more than $1 million in Bitcoin, and the combined balance of another 4,102 addresses was about $10 million at the end of the day, at the end of the third quarter.
The number of BTC addresses of millionaires was close to 100,000 at the beginning of this year. 99,092 addresses held at least $1 million in Bitcoin on January 5, 2022, according to data collected using the Wayback Machinewhich is used to access the archives of websites.
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Crypto Winter Linger, Hope Lies in Falling Dollar
Unsurprisingly, bear markets have not spared the Bitcoin whales this year. But the losses are even more importantwhen the balances of the affected addresses at the end of the third quarter of this year are compared to those of October 2021. As of October 28 last year, 116,139 addresses held at least $1 million worth of Bitcoin.
Bitcoin had reached an all-time high of nearly $69,000 in November 2021. At the time of writing, it is trading at $20,540. So his course collapsed about 70%, since reaching that peak last year.
While Bitcoin’s price recently surged above $20,000, doubts remain about bullish continuity, which could mark the start of spring for crypto markets at large.
Some observers hope that the US Federal Reserve (FED) reduces the scale of subsequent increments interest rates, a pivot that could benefit risky assets and then fuel a long climb to $30,000.
Overall, markets are closely monitoring the evolution of the macroeconomic context, which could benefit Bitcoin at the expense of the dollar, or produce the opposite result.
The number of Bitcoin millionaires is likely to decline even further should the prediction of a $14,000 floor by the end of this year materialize.
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