Due to the downward trend in the crypto market, several investors have sold their crypto holdings. Many crypto holders converted their digital currencies to stablecoins such as USDT.
Since the price of most stablecoins is pegged to the dollar, it may offer some stability. Also, over 1 trillion dollars was lost in the current bearish run. After BTC fell below $30,000, the number of addresses with over 1 million dollars has reduced.
Finbold reported on the 28th of May that Bitcoin millionaires were 77,936. This info can be seen on the statistics website, BitInfoCharts.com.
From the report, about 5,856 have a total balance of $10 million. The 72,080 wallet addresses left have $1 million or more.
According to another web analytical platform, Wayback Machine, 99,092 wallet addresses had $1 million or more. This is the data for the 5th of January. Unfortunately, the number has reduced by about 21.34% at the moment.
Number Of BTC Millionaires Keep Falling
As of 2022, individuals who became millionaires through BTC have fallen. This drop might be due to the recent fall in the crypto market.
In October 2021, Bitcoin was at its peak of over $65,000. Then, the number of millionaires was remarkable. Unfortunately, the price of Bitcoin has crashed by over 50%. The currency is trading below the $30,000 region.
On the 28th of October, over 116,149 Bitcoin wallet addresses were millionaires. As of May, the number has dropped by about 32.89%
Factors Responsible For The Decline
Certain factors continue to affect the crypto’s trading price. They include turbulent markets, interest hikes, geopolitical unrest, and regulatory scrutiny.
However, crypto proponents and analysts believe the digital currency will rise. Marion Laboure, Deutsche Bank’s Research analyst, stated that;
“The supply of Bitcoin is limited at the moment. Approximately 90% of BTC are in circulation, which is insufficient to meet market demand. In 2021 when a similar scenario occurred, the price of Bitcoin went up. A similar situation can happen this year.”
Presently, BTC trades at $29,139 after dropping by 0.50% over the past 25 hours. As per CoinMarketCap’s report, its market capitalization has increased by 0.55% to over $55.52 billion.
Despite the crypto bloodbath recently, the cryptocurrency community continue to remain bullish. Major Bitcoin buyers like Michael Saylpr predict that the price of the flagship currency will enter millions.