Since the start of the year, the cryptocurrency market has lost almost $1 trillion in market cap due to the downward pressure imposed on it, culminating in a run of bankruptcies involving crypto hedge funds and lenders, including Celsius Network, Voyager Digital, and Three Arrows Capital, and the scaling back of operations at firms like Blockchain.com and Coinbase.
According to data compiled by Finbold, the number of Bitcoin millionaires fell by 70.23% in the first three quarters of 2022 due to the bear market, with the total number of Bitcoin millionaires as low as 29,497 as of September 28, 2022.
Based on the statistics provided by BitInfoCharts.com, 25,395 different addresses had a Bitcoin balance of more than $1 million, and an additional 4,102 of the addresses had a combined balance of approximately $10 million or more at the end of Q3.
Employing the web archive toolWayback Machine,figures showedthat on January 5, 2022, 99,092 Bitcoin (BTC) addresses held $1 million or more of the digital asset at the start of Q1
Since January, the number of Bitcoin Millionaires has decreased significantly. The loss is more dramatic if we take the period further back to October 2021, when BTC was trading near its all-time high. 116,139 Bitcoin addresses were confirmed to be millionaires on October 28, 2021.
Coincidentally, October 28, 2021, was also the same day crypto exchange Crypto.com aired its commercial featuring Matt Damon promoting cryptocurrencies, in the “Fortune favors the brave!” ad at the height of the cryptocurrency bull run.
Several factors, including heightened regulatory scrutiny, unstable markets, geopolitical unrest, increasing inflation, and rate rises, continue to weigh on Bitcoin’s performance. Nevertheless, Bitcoin has reclaimed $20,000 in the last week, and Bitcoin bulls are battling to maintain a price uptrend at the time of publication after losing momentum to break past $21,000.
As things stand, Bitcoin is changing hands at $20,428, down 1.2% on the day but up by over 7% across the last week, according to CoinMarketCap data.
The IRS has released a draft 1099-DA tax form, which experts warn will allow for large-scale collection of Bitcoin trader identities and transfer data from encrypted wallet addresses.
AlexAccording to an unaudited report, Animoca Brands reportedly holds $291 million in cash and stablecoins.
KikyoThe recent Bitcoin halving has sparked optimism among analysts, with predictions suggesting prices could reach as high as $4.5 million per coin, driven by limited supply and growing institutional interest. Bitcoin's potential as a sustainable mega-asset, supported by institutional investment and a narrative shift towards environmental friendliness, signifies a bold new era for the cryptocurrency.
WeatherlyThailand tightens controls on unlicensed crypto exchanges to combat financial crimes, urging public to withdraw funds and verify platform licenses to enhance safety and compliance.
MiyukiAs funds continue to flow out for the second consecutive week, global cryptocurrency funds are experiencing market uncertainty. Investors are worried about the long-term implementation of the Federal Reserve's high-interest rate policy, leading to decreased demand for cryptocurrency ETFs. Particularly in the U.S., ETFs suffered a withdrawal of $244 million.
AlexGeoff Kendrick, Head of Digital Asset Research at Standard Chartered, stated that due to the bullish setup of cryptocurrencies, Bitcoin's price could still more than double this year. Kendrick reaffirmed the company's price target of $150,000 during an interview with BNN Bloomberg last week, indicating a 127% increase in Bitcoin by the end of this year.
MiyukiProminent cryptocurrency founder MaxBecauseBTC predicts a bullish future for Dogecoin, which could potentially lead to increases in other altcoins.
WeiliangThe 12 projects, now defunct, collectively raised $26.7 million through a controversial fundraising technique called a presale.
CatherineBinance is sued for selling unregistered crypto derivatives, violating securities laws, with ongoing investigations by Ontario's authorities.
AlexVenezuelan Oil Minister Pedro Tellechea has affirmed the nation's embrace of diverse currencies, including digital ones, as outlined in contractual agreements.
Kikyo