Bitcoin News

More Downside Awaits for BTC: Millionaires Losing Status 

“Winter is coming” is the catchphrase that aroused emotions in the sitcom series “Game of Thrones.” The same catchphrase has given chills down the spine for the crypto market. Charts have bled, portfolios wiped out and many crypto cronies are looking for alternative income means. Perhaps, that’s why the sarcastic images of “Dominos is Hiring” have been flashing all over. 

In November, 2021, more than 80,000 investors turned millionaires when BTC tanked to $69,000. Most investors had HODLED to infinity because Bank of America and Standard Chartered predicted BTC to $100,000 by early 2022. However, inflation, wars, pandemic and rising oil prices took the market by storm. 

BTC has been down 76% from its all time high of 69k. Due to this event, 26,284 wallets have seen rapid decline. Not just the mid sized investors but even whales have been demolished by sharp market movements. A number of whales saw their portfolio shrink as well to the tune of 75%. At the moment, only 4342 wallets have been able to maintain the millionaire status. 

However, the entire bear market narrative isn’t that bad for most of the investors. Citing a continuous drop in the market, whole coiners have risen at the same time. There has been a rise of 13,000 more whole coiners. As a result, the new numbers have gone as high as 860,000 at the time of writing. 

As the US inflation woes continue, there will be further interest rate hikes. If that happens, BTC can go well below the last support level of $17,000. It would add to people losing money. If further 17K support gets compromised, BTC may well be trading at somewhere around 12k to 15k by the end of 2022. 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.