The number of bitcoin millionaires has plunged 20% since the start of January |

As a direct consequence of the downward pressure seen in the cryptocurrency market, which has resulted in a loss of almost a trillion dollars in market capitalization since the start of the year, the number of Bitcoin addresses that hold one million dollars or more in value also declined.

The data indicates that as of May 28, 202, the number of addresses with a BTC balance of over $1 million was 77,936, according to statistics from

About 5,856 of those addresses had a combined balance of about $10 million. The remaining 72,080 addresses have a balance of $1 million or more each.

Using a Wayback Machine web archiving tool, it was determined that the number of BTC addresses with over $1 million worth of bitcoins is down since roughly the start of the year by 21.34%. , with 99,092 addresses registered on January 5.

The number of bitcoin millionaires continues to decline

The number of bitcoin millionaires has considerably reduced since the beginning of Januarybut if we go back further in time, to October 2021, when bitcoin was at its peak, the fall is more remarkable.

Indeed, on October 28, 2021, when 116,139 addresses were declared bitcoin millionaires, this would indicate a drop of 32.89% in seven months.

A combination of factors such as regulatory scrutiny, turbulent markets, geopolitical unrest and rising interest rates continue to have a negative effect on asset performance.

Nevertheless, some analysts continue to believe that the value of bitcoin will continue to rise; Deutsche Bank Research senior analyst Marion Laboure said:

“In the case of bitcoin, we have a limited supply; over 90% of bitcoin is already in circulation and when you have a fixed supply with increasing demand, prices tend to rise as we saw last year.”

Currently, the price of bitcoin is trading at $28,804, down 0.69% in the past 24 hours and down 1.68% from the previous week, according to coingecko data.

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