As first reported by Cointelegraph, more than 80,000 Bitcoin (BTC) investors faced demotion from their millionaire status due to the crypto market downturn. However, lower prices give room for an increase in the number of whole coiners.

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According to the data from BitInfoCharts, a few days after the price of BTC recorded a new all-time high of about $69,000, a total of 108,886 Bitcoin addresses reported a balance greater than $1 million. But now that the flagship crypto is struggling to hold above $20,000, a mere 26,284 addresses are reported to contain BTC valued at above $1 million.

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Despite the decline in the net worth of former BTC millionaires, the bear market has seen more than 13,000 new “whole coiners” — a wallet that contains one or more BTC — added to the market, bringing the total number of whole coiners to just over 860,000. This significant spike in the number of whole coiners would suggest that retail investors are taking advantage of the current price crash to accumulate more Bitcoin.

Adding further credibility to the retail accumulation narrative, more than 250,000 addresses have added 0.1 BTC, or $2,000 at the time of press, or more to their holdings over the past 20 days, according to data from Glassnode.

Bitcoin and the rest of the digital asset market have been negatively impacted by a number of different issues, including increased regulatory scrutiny, sustained geopolitical unrest, rising inflation, and interest rate hikes.

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Due to the increasing uncertainty around the stability of global markets, commentators seem to agree that the price of risk assets like Bitcoin could continue to suffer over a longer time frame.

At the time of filing this report, Bitcoin (BTC) is trading at $19,300, with a relatively 1% price downtrend in the last 24 hours.

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The post 80,000 Bitcoin (BTC) Millionaires Demoted in the Historic Crypto Crash of 2022 appeared first on Times Tabloid.

Another that is notable is that the market downturn has vastly affected the number of Bitcoin-made millionaires. The number of BTC addresses that hold $1 million or more worth of coins has experienced a drastic drop.

Read Also: Analyst Nicholas Merten: Bitcoin (BTC) Is About To Surprise Everyone as One Historical Indicator Suggests

Bitcoin-Made Millionaires Have Drastically Decreased Since January 2022

According to the data provided by BitInfoCharts, as of the 28th of May 2022, the number of addresses holding more than $1 million worth of Bitcoin was 77,948.

The data also shows that 5,859 of the 77,948 Bitcoin millionaire addresses had a balance worth $10 million or more as of May 28th. This implies that the remaining 72,089 addresses are holding between $1 million and $9 million worth of BTC.

After Wayback Machine was employed, it showed that the number of Bitcoin addresses with over $1 million worth of BTC has dropped 21.34% since January 5th when 99,092 Bitcoin millionaire addresses were recorded.

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Analysts Believe Bitcoin (BTC) Will Continue Rising

Despite the fact that a combination of factors, including regulatory scrutiny, turbulent markets, geopolitical unrest, interest hikes, and lots more, continue to have a negative impact on the asset class, analysts are resolute on the point that Bitcoin will not cease from rising.

In a statement, Marion Laboure, a senior analyst at Deutsche Bank Research, said:

“In the case of Bitcoin, we have a limited supply over 90% of Bitcoin are already in circulation and when you have a fixed supply with increasing demand the prices tended to rise as we have seen last year. Another factor that we can look at is regulation. So regulation is coming so we might have a broader crypto adoption looking ahead.”

At the time of filing this report, Bitcoin (BTC) is trading at $28,799.25, with a 0.31% price downtrend in the last 24 hours.

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The post Number of Bitcoin (BTC) Millionaires Drops Over 20% in 2022 appeared first on Times Tabloid.