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The Bitcoin price plunged more than 60% this year and is now hovering around the US$19,000 mark. Even after BTC is one of the largest cryptocurrencies in the world, the crypto continued to plunge, taking down the entire crypto market with it. Several other assets are also experiencing volatility that is shaking the investor community. Bitcoin millionaires are the most adversely affected ones. A recent report reveals that more than 80,000 BTC investors had their millionaire status revoked due to the declining momentum in the crypto market. But lower prices also indicate that the number of whole coiners is also growing. Analysts reveal that there is a dramatic rise in the number of whole coiners, depicting that smart investor are already buying the dip, with hopes that they might become the next crypto millionaires.
Currently, the price of Bitcoin is trading below US$20k, but a mere 26,000 addresses contain BTC holdings. The dramatic decline in the price of the flagship cryptocurrency has largely impacted several Bitcoin whales, who are eventually leaving the market or are dumping off their tokens. Bitcoin and the rest of the digital assets have been negatively impacted due to several reasons, including the Ukraine-Russia war, rising inflation, and predictions of an impending recession.
Most investors are anticipating whether or not, with BTC's constantly declining values, the crypto efficiently and effectively survives the incoming recession. Even though the rising number of wholecoiners does little to support the price of the crypto, it surely does give hopes that the price will rise to regain its lost market value, or at least gain resistance before diving into the deep end. To make things worse, the increasing uncertainty around the stability of the global markets is also adversely hampering the dominance of digital assets in the economic and financial markets.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
