Cryptocurrency Crash Effects : The values of cryptocurrencies are falling rapidly all over the world and meanwhile another report has come which claims that 30 thousand bitcoin millionaires have been wiped out.
Bitcoin News: Nearly 30,000 bitcoin millionaires have been wiped out in the past three months as the volatile cryptocurrency continues to see a decline.
Between October and January, the number of bitcoin addresses with more than $1 million decreased by 28,186, or 24.26 percent, according to data obtained by financial news portal Finbold. This generally means that the bitcoin-rich list has fallen over the past three months.
The report shows that wallets with more than $100,000 have fallen 30.04 percent from 505,711 to 353,763 . The number of addresses for $1 million and above fell 23.5 percent from 105,820 to 80,945. Wallets with holdings of $10 million and above also reported a decline of 32.08 per cent from 10,319.
The Negative Impact Caused by These Factors The
report elaborates that “a combination of factors such as regulatory scrutiny, turbulent markets, geopolitical unrest and COVID has adversely affected the performance of the asset.
However, despite a volatile start to the year, Many analysts continue to appreciate the asset.” The decline in the bitcoin rich list is related to the volatility of the asset which has increased in recent weeks.
Due to The Rapid Decline In The Value of Bitcoin Since The Beginning
of this year, the number of liquidations has also increased in recent weeks, with $372 million in permanent markets across all exchanges.
Long positions are expired in only one day, 22 January. “Given the anonymous nature of the world’s most valuable digital asset, it is difficult to identify individuals who have related addresses,” the report said.
Bitcoin Crash With
Other Digital Cryptocurrencies Bitcoin, along with other digital cryptocurrencies, has crashed to its lowest level and a sustained recession has wiped more than $1 trillion from the global crypto market cap.
The cryptocurrency crash occurred after the US Federal Reserve raised the prospect of raising interest rates and withdrawing stimulus from the market in March.
