Cryptocurrency Volatility: 30000 Bitcoin millionaires wiped in last 3 months

NEW DELHI: Regulatory scrutiny and geopolitical upheaval have wiped out about 30,000 Bitcoin billionaires in the last three months, as the volatile cryptocurrency has plummeted from USD 69,000 in November to around USD 36,000 (as of Thursday).

According to data obtained by financial news portal Finbold, the number of Bitcoin addresses holding over USD 1 million decreased by 28,186, or 24.26 percent, between October and January. Over the previous three months, the Bitcoin-rich list has plummeted.

"Wallets with more than USD 100,000 in them have decreased by 30.04 percent, from 505,711 to 353,763. The number of addresses having a value of USD 1 million or more decreased by 23.5%, from 105,820 to 80,945. Wallets with more than USD 10 million in them also fell 32.08 percent, from 10,319 to 7,008 dollars "the report that was mentioned

The decrease in the Bitcoin wealthy list corresponds to the asset's increased volatility in recent weeks. The number of liquidations has surged in recent weeks as a result of the fast decrease in the value of Bitcoin since the beginning of the year, with USD 372 million in long positions in the perpetual market across all exchanges liquidated in just one day on January 22.

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