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    2022 Crypto Crash Wipes Out 80.000 Bitcoin Millionaires

    2022 has witnessed the number of Bitcoin millionaires drop by more than 75% since November last year.

    More than 80,000 Bitcoin (BTC) investors have had their fortune revoked due to the crypto market crash, but lower prices mean the number of coins is growing. 

    Back on November 12, just a few days after Bitcoin hit a new ATH of around $69,000, a total of 108,886 BTC addresses had balances greater than $1 million, as reported by BitInfoCharts.

    Currently, Bitcoin price is struggling to hold above $20,000, with only 26,284 addresses reported to contain holdings worth up to $1 million, meaning the number of millionaires has dropped by more than 75% in the past nine months.

    The dramatic decline in price of the biggest cryptocurrency has also impacted the number of whales, who boast over $10 million worth of Bitcoin wallets. While there were 10,587 addresses with a minimum cash value of $10 million last November, only 4,342 hold the same amount today, down 58%.

    Despite the decline in the net worth of former BTC millionaires, the bear market has seen more than 13,000 new “wholecoiners” – wallets containing one or more BTC – added to the market, bringing the total number of wholecoiners to more than 860,000. This significant spike shows that retail investors are accumulating large amounts of BTC while the price is falling.

    According to data from Glassnode, over 250,000 addresses have added 0.1 BTC or $2,000 at press time.

    Bitcoin and the rest of crypto market have been negatively impacted by a series of issues, including increased regulatory scrutiny, prolonged geopolitical unrest, increased inflation, and increased interest rates.

    Due to the growing uncertainty surrounding the stability of the global markets, commentators seem to agree that the price of risky assets like Bitcoin could continue to suffer harder in the future.

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