Bitcoin could continue to decline for an extended period of time due to the growing concern around the stability of global markets. Thus far, 80,000 Bitcoin millionaires have been wiped out in the great crypto crash of 2022.
The decline in the cryptocurrency market has caused more than 80,000 Bitcoin (BTC) investors to lose their millionaire status, but lower prices indicate that the number of whole coiners is increasing.
Data from BitInfoCharts shows that on Nov. 12, just a few days after Bitcoin reached a new all-time high of almost $69,000, 108,886 BTC addresses recorded a balance larger than $1 million.
Today, with the price of Bitcoin battling to stay over $20,000, only 26,284 addresses are said to hold assets worth more than $1 million, which means that over the past nine months, the number of paper millionaires has decreased by more than 75%.
The number of whales, or cryptocurrency investors who claim a wallet with more than $10 million in value, has also been a...