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There were only 25,390 wallets with more than $1 million in Bitcoin as of June 29, 2022. This represents a 72 percent drop in just six months.
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As the main cryptocurrencies suffer significant losses, the cryptocurrency market may finish the week in the red.
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In my last update in late May, see here, I predicted that Bitcoin (BTC) would fall to as low as $23K +/-1K. The cryptocurrency is currently trading around $21,000.
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Amidst recent volatility in the crypto market, users and investors remain steadfast in their commitment to the sector.
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During the month of May, Bitcoin and Ethereum miners experienced a significant fall in revenue as the values of both cryptocurrencies reached new local lows.
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Developers have set a date for the Merge to go live on the testnet following last month's dismay over delays.
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Investors are more wary of Ethereum's price volatility Analysts expect a rally in Ethereum.
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Predicted Bitcoin prices show the cryptocurrency falling towards the $40,005 low.
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Altcoins like Cardano, Avalanche, and Solana, which have outperformed Bitcoin recently, have been thrust into the limelight because of Bitcoin's current woes.
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Ethereum price prediction may rise to $3500 as a result of the rebound over $3200, which may help to minimize any incoming pressure.
There were only 25,390 wallets with more than $1 million in Bitcoin as of June 29, 2022. This represents a 72 percent drop in just six months.
