The crypto recession has reduced the number of Bitcoin (BTC) millionaires by as much as 75% since November 2021.
The crypto market saw over 80,000 BTC millionaires lose their status as a result of the long bear market based on analysis of various data portals.
While the number of crypto millionaires plummeted, the overall number of coin holders increased as the lower coin prices allowed for new investors to join the market.
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During the weeks leading up to the market crash, as bitcoin hit a new all-time high, averaging $69,000, exactly 108,886 BTC holders reported a wallet balance of more than $1 million, according to data from BitInfoCharts.
The number of wallets reporting a balance of more than $1 million currently stands at 26,284, as bitcoin is barely holding above the $20,000 threshold.
In addition to cutting the number of BTC millionaires, the “’Great Crypto Crash’ wiped out some of the market’s whales as well – coin holders with addresses worth more than $10 million.
Before crypto prices tanked, the number of Bitcoin whales with a minimum wallet balance of $10 million stood at 10,587. Currently, the number stands at 4,342, down by more than 50%.
While the crypto market has entered a long bear market, the trend did not prevent more than 13,000 new investors from joining the Bitcoin market in the hopes of ‘buying low and selling high’ once the market recovers.
According to reports, the Bitcoin market has been heavily impacted by:
- Greater government scrutiny
- Geopolitical uncertainty
- Rising inflation
- Hike in interest rates by central banks around the world
The crypto crash wiped out almost $200 billion of the crypto market capital, according to data from the CoinMarketCap, a crypto trading platform.
The crypto market was valued at $3 trillion at the peak pre-dating the crash.
The market is currently valued at less than $1 trillion.
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