Since the beginning of the year, the market capitalization of the cryptocurrency market has lost almost $1 trillion due to low pressure, culminating in a series of bankruptcies involving crypto hedge funds and lenders, notably Celsius Network, Voyager Digital and Three Arrows Capital, and downsizing of companies such as Blockchain.com and Coinbase.
According to data compiled by Finbold, the number of Bitcoin millionaires decreased by 70.23% in the first three quarters of 2022 due to the “bear market”A bear market is a market trend in financial markets where assets such as stocks, bonds, ETFs, or cryptocurrencies fall in value, and as of September 28, 2022, the total number of Bitcoin millionaires was only 29,497.
According to statistics provided by BitInfoCharts.com, 25,395 different addresses had bitcoin balances of more than $1 million, and another 4,102 addresses had a total balance of approximately $10 million or more at the end of the third quarter.
Bitcoin millionaires. Source: BitInfoCharts
The Wayback Machine web archiving tool shows that as of January 5, 2022, 99,092 bitcoin (BTC) addresses held $1 million or more worth of digital assets at the start of the first quarter.
The loss of Bitcoin millionaires looks even more dramatic given the performance until October 2021, when BTC traded close to its all-time high. 116,139 bitcoin addresses were confirmed as millionaires on October 28, 2021.
By coincidence, on October 28, 2021, against the background of the peak of the growth of cryptocurrency, the Crypto.com crypto exchange aired its video with Matt Damon, who advertised cryptocurrencies with the slogan: “Fortune favors the brave!”. Later, as a result of the fall of the crypto currency, the video became the object of ridicule around the world (Crypto.com allegedly knew about this by publishing an advertisement privately on YouTube).
Several factors, including heightened regulatory scrutiny, volatile markets, geopolitical turmoil, rising inflation and rate hikes, continue to weigh on bitcoin’s performance. However, Bitcoin has returned to $20,000 over the last week – according to CoinMarketCap, the current price of Bitcoin is changing hands for $20,428, down 1.2% from the previous day, but recorded a rise of more than 7% in the last week. .