According to the Onchain analytics firm, Intotheblock, Bitcoin retail holders continue to aggressively accumulate. Intotheblock reports that BTC addresses holding less than 1 BTC have been increasing their holdings in 2022 at a remarkable pace. Since the start of the year, this category of holders has added 113,884 BTC to their holdings.
Per Glassnode data, this category of holders has faced an increase in recent months, climbing to new peaks. The blockchain analytics firm reported that the number of addresses holding more than 1BTC just reached an ATH of 873,812. Likewise, the number of addresses holding more than 0.01 BTC just reached an ATH of 10,369,789.
The world’s largest cryptocurrency lost about 58% of its value in the second quarter of 2022. Similarly, nearly $1.2 trillion has been wiped off the entire cryptocurrency market. At the time of publication, bitcoin traded at $19,472, slightly up 2.76% in the last 24 hours.
Voyager Temporarily Suspends Withdrawals
Major crypto broker Voyager Digital said on Friday that it was “temporarily suspending trading, deposits, withdrawals, and loyalty rewards.”
“This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” said Stephen Ehrlich, CEO of lending company Voyager.
The action was taken a few days after hedge fund Three Arrows Capital received a notice of default from Voyager for failing to repay a $650 million loan in BTC and USDC. One of many businesses in the cryptocurrency sector that Three Arrows has greatly impacted is Voyager.
Voyager received a $500 million line of credit from Alameda last week, and the company has already used $75 million of it, but it doesn’t seem like it was enough to maintain business as normal.
In a similar move, prominent cryptocurrency staking and lending site Celsius halted all transfers, swaps, and withdrawals on June 13 owing to “extreme market conditions.” Voyager’s decision is consistent with that of Celsius. Celsius has not yet released concrete advice on what should be done next.
Investors in the top two cryptocurrencies in the world so far don’t appear to be spooked by the news. Presently, bitcoin is up about 2% and ethereum is up more than 4%.