The last few weeks have been excruciatingly hard for cryptocurrency investors. Bitcoin has gone from a high of $69,000 in November 2021 to a low of $27,000 today.

The Terra ecosystem’s collapse exacerbated the problem: its native cryptocurrency, LUNA, plummeted from $85 at the beginning of the month to an unfathomable low of $0.0001644. The decline has affected the entire crypto market, not just Bitcoin and Terra.

The number of Bitcoin (BTC) addresses holding one million dollars or more in value has declined as a direct result of the downward pressure seen in the cryptocurrency market, which has resulted in a loss of about one trillion dollars in market cap since the beginning of the year.

According to statistics. As of May 28, 2022, the number of addresses with a BTC balance of more than $1 million was 77,936.

A total balance of about $10 million was found at 5,856 of the addresses. The remaining 72,080 addresses each have a balance of at least $1 million.

Notably, the number of Bitcoin billionaires has dropped dramatically since the beginning of January, but the dip is even more striking if we go back to October 2021, when Bitcoin was near its high.

Indeed, when 116,139 addresses were named Bitcoin millionaires on October 28, 2021, it represented a 32.89 percent drop in seven months.

Regulatory scrutiny, turbulence in the markets, geopolitical instability, and interest rate hikes have all had a negative impact on the asset’s performance.

Bitcoin certainty isn’t the only cryptocurrency losing its place in the crypto market as the stats show that the famous memecoin regualry endorsed by the public figure Elon Musk, DOGECOIN, has also long a significant number of its Millionaires.

According to a Finbold report, there were there were 1,341 DOGE Millionaires on January 1 compared with 646 Dogecoin millionaires on May 27.