Since the beginning of the year, the cryptocurrency market has lost nearly $1 trillion in market value due to downward pressure on it, culminating in a series of bankruptcies involving crypto hedge funds and lenders including Celsius Network, Voyager Digital and Three Arrows Capital, and the expiration of Operations at companies such as Blockchain.com and Coinbase.
According to data compiled by Coinphony, the number of Bitcoin millionaires declined by 70.23% in the first three quarters of 2022 due to the bear market, with the total number of Bitcoin millionaires reaching 29,497 on September 28, 2022.
Based on statistics provided by BitInfoCharts.com25,395 different addresses had a bitcoin balance of over $1 million, and another 4,102 addresses had a balance of about $10 million or more at the end of the third quarter.
Use the web archive tool Wayback MachineThe numbers showed that as of January 5, 2022, 99,092 Bitcoin (BTC) addresses held $1 million or more in digital assets at the start of the first quarter.
Bitcoin millionaires hit hard by falling markets
Since January, the number of bitcoin holders has decreased significantly. The loss is even more dramatic if we take the period to October 2021, when BTC was trading near its all-time high. 116,139 Bitcoin addresses were confirmed as millionaires on October 28, 2021.
Coincidentally, October 28, 2021 was the day crypto exchange Crypto.com aired its commercial featuring Matt Damon promoting cryptocurrency, in “Fortune favors the brave!” Announcement at the height of cryptocurrency operation.
Several factors, including heightened regulatory scrutiny, unstable markets, geopolitical turmoil, rising inflation and rising interest rates, continue to affect Bitcoin’s performance. However, Bitcoin rebounded to $20,000 in the past week, and Bitcoin bulls are struggling to maintain an uptrend at press time after losing momentum to break above $21,000.
As it stands, Bitcoin is trading at $20,428, down 1.2% on the day but up 7% over the past week, according to CoinMarketCap data.
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More than 70% of the bitcoin millionaires eliminated in three quarters of 2022 made their first appearance on Coinphony.