Great Crypto Crash of 2022 wiped out 80k Bitcoin Millionaires

30-Jun-2022 By: Somesh Gaur

Great Crypto Crash of 2022 wiped out 80k Bitcoin Millionaires

The decline in the cryptocurrency market has caused more than 80,000 Bitcoin (BTC) investors to lose their millionaire status, but lower prices indicate that the number of whole coiners is increasing.

Data from sources shows that on Nov. 12, only a few days after Bitcoin reached a new all-time high of almost $69,000, 108,886 BTC addresses reported a balance higher than $1 million.

Today , with the price of Bitcoin battling to stay over $20,000, just 26,284 addresses are said to hold assets worth more than $1 million, which means that over the past nine months, the number of paper millionaires has decreased by more than 75%.

The number of whales, or cryptocurrency investors who claim a wallet with more than $10 million in value, has also been affected by the sharp decrease in the price of the leading cryptocurrency. Just 4,342 locations still have a minimum cash value of $10 million today, down from 10,587 in November of last year—a 58 percent decrease.

Despite the fact that previous BTC millionaires' net worth has decreased, the bear market has seen the addition of more than 13,000 new "wholecoiners" (wallets containing one or more BTC) to the market, increasing the overall number of wholecoiners to slightly over 860,000. This sharp increase in entire coiners might indicate that ordinary investors are stockpiling BTC at considerable rates as the price of the cryptocurrency falls.

Data from sources shows that over 250,000 addresses have increased their holdings by at least 0.1 BTC, or $2,000 at the time of writing, during the last 20 days, lending more credence to the retail accumulation story.

Numerous problems have had a detrimental effect on bitcoin and the rest of the digital asset market, including greater regulatory scrutiny, persistent geopolitical upheaval, growing inflation, and interest rate rises.

Commentators appear to concur that the price of risk assets like Bitcoin might continue to decline for an extended period of time due to the growing concern around the stability of global markets.

At the time of writing, Bitcoin has a market value of $382 billion and is currently trading at $19,417 down 3.30 percent over the last 24 hours and 36.8 percent over the last 30 days.

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