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Once upon a time, the cryptocurrency market was valued at $3 trillion. This was November 2021, to be exact. Bitcoin It is trading at an all-time high near $69,000.
But then it’s 2022. Inflation accelerated as a result of coronavirus money printing, the war in Ukraine and problems with his supply chains. That meant central banks around the world were forced to raise interest rates to curb the sharp rise in the cost of living.
Bitcoin, and cryptocurrencies as a whole, felt the pinch as cheap liquidity was pulled from the undermarket. We have seen the top 10 cryptocurrencies collapse. top exchanges The House of Cards and many other bankruptcies and scandals were revealed.
With losses exceeding $2 trillion, Bitcoin has lost three quarters of its value at the time of writing and is trading at $16,800.
Bitinfocharts.com on-chain data shows bitcoin billionaires down like flies. Going into 2022, there were 90,000 of his addresses containing over $1 million worth of Bitcoin. Today it is 24,000, representing a 73% decrease.
On-chain data summarizes what is evident when looking at Bitcoin price charts: at least in the near future, the party is over and investors no longer dream of retiring from holding Bitcoin. That means nearly three-quarters of Bitcoin billionaires have lost their positions, which is probably the best data to summarize how ugly 2022 has been for investors. Coinjournal director Max Coupland said:
Bitcoin returns before 2022 have been astonishing. As a result, the majority of supply was profitable, with only 25% of supply losing money this year. By the end of the year, this had doubled to over 50%. This is another surprising statistic considering Bitcoin has been the world’s best performing asset class over the past decade.
Conversely, since Bitcoin has become so cheap compared to last year, the number of addresses containing more than 1 Bitcoin (the so-called “whole coiners”) has increased significantly, even if those addresses contain a higher dollar value. , is the best ever. It’s going down quite a bit.
Entering 2022, there are over 814,000 addresses holding 1 BTC or more. By the end of the year, this number exceeded 978,000. This is a 20% increase.
As you can see zooming in on 2022 in the chart below, when Bitcoin plummeted behind three major scandals in 2022 (Luna’s death spiral, Celsius bankruptcy, and fraud exposure on FTX), A significant increase was seen.
Perhaps the biggest problems to emerge in 2022 and beyond are those related to these scandals. Cryptocurrency’s reputation has taken a hit, most notably his shocking downfall of FTX and the downfall of his former CEO, Sam Bankman-Fried.
Only 8% of Americans currently have a positive view of cryptocurrencies, according to a CNBC survey as of November 2022.
Crypto investors have, of course, seen similar percentage declines before the market recovered.
It used to be zero (or negative) interest rates and warm money printers. Now we are moving into a new environment and crypto investors are feeling the pain. They hope to resurface in 2023 and start repairing the damaged asset class reputation.
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Address data obtained from on-chain. Yahoo Finance pricing data.
