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Bitcoin millionaires plummet by 24% in 3 months on price correction

The recent Bitcoin price correction has resulted in Bitcoin millionaires ranks plummeting by more than 24 percent in three months, according to data acquired by Finbold. Picture: Michael Wuensch/Pixabay

The recent Bitcoin price correction has resulted in Bitcoin millionaires ranks plummeting by more than 24 percent in three months, according to data acquired by Finbold. Picture: Michael Wuensch/Pixabay

Published Jan 27, 2022

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THE recent Bitcoin price correction has resulted in Bitcoin millionaires ranks plummeting by more than 24 percent in three months, according to data acquired by Finbold.

It said yesterday that the drop in the Bitcoin rich list correlated with the asset’s volatility that had been heightened in recent weeks, saying, “A combination of factors such as regulatory scrutiny, turbulent markets, geopolitical unrest, and Covid had an adverse effect on the asset’s performance."

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The executive board of the International Monetary Fund on Tuesday urged El Salvador to remove the cryptocurrency Bitcoin's legal tender status, citing large risks to financial stability.

Between October 2021 and January 2022, the number of Bitcoin addresses holding more than $1 million (R15m) had decreased by 28 186, or 24.26 percent. In October, the figure stood at 116 139 addresses, to hit 87 953 as of January 2022.

Finbold said the Bitcoin-rich list had plunged over the past three months. Wallets holding more than $100 000 had dropped 30.04 percent from 505 711 to 353 763. The number of addresses with $1m and above dropped by 23.5 percent from 105 820 to 80 945. Wallets holding more than $10m and above registered a drop of 32.08 percent from 10 319 to 7 008.

Bitcoin in October was trading around $61 000. At the time of publication, Bitcoin is trading at $37 851, up 3.94 percent on the day, and although it’s starting to show signs of reclaiming $38 000, it’s priced significantly less than three months earlier. Bitcoin briefly plunged below $33 000 on Monday to its lowest level since July before recovering. Yesterday in intraday trade it was at $37 803.

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