The number of Bitcoin addresses with over $1 million has reduced to 87,953 as of January 26, 2022, as compared to 116,139 addresses in October 28, 2021. This means that the number of Bitcoin millionaires reduces by 28,186 or 24.26 percent.
According to data published by Finbold, around 7,008 of the addresses each have a balance of about $10 million. The remaining 80,945 addresses have a balance amounting to $1 million each.
In October 2021, 105,820 addresses had balances of at least $1 million each, while 10,319 had a balance over $10 million. In February 2021, at least 100,000 Bitcoin addresses were holding over $1 million.
Also, Bitcoin addresses with a balance of over $100,000 reduced by 30.04 percent from 505,711 to 353,763.
The publication says that the drop has been attributed to regulatory scrutiny, turbulent markets, geopolitical unrest, and the Covid-19 p******c.
Three months ago, a unit of Bitcoin was trading at an average of $61,000, a figure that has dropped to $37,851 as of January 26, 2022.
As a result of the drop in value, Bitcoins worth $372 million were liquidated in one day, January 22, 2022, indicating the volatility of the digital asset.
The value of cryptocurrencies has been moving in tandem with stocks, which have continued to fall since the beginning of the Covid-19 p******c. As a result, investors have been selling risk assets like technology stocks.
Read: The Value In Bitcoin