Ripple’s top executive reckons that there will be fewer crypto-billionaires once the bear market continues
- “Millionaires Will Be Made In The Coming Months”
- Here is what made Bitcoin rise to $15,800 per Santiment
Ripple Chief Technology Officer David Schwartz sort of explained to influencer David Gokhshtein where crypto millionaires will come from in the coming months.
This conversation took place as Bitcoin fell below the $16,000 level for the first time in two years.
“Millionaires Will Be Made In The Coming Months”
Ripple’s David Schwartz responded to a tweet by former US congressional candidate turned crypto podcaster David Gokhshtein about millionaires “being made in the next coming months.”
The blockchain giant’s CTO declared with black irony that these millionaires “will be made of billionaires.”
They will consist of billionaires.
— David “JoelKatz” Schwartz (@JoelKatz) November 20, 2022
This scenario now appears to be realistic as Bitcoin has broken below the $16,000 level for the first time since early 2020 as the FTX crash and the scandal that followed dealt a heavy blow to the cryptocurrency market .
Here is what made Bitcoin rise to $15,800 per Santiment
Prominent data aggregator Santiment has spread the word about the likely reason why Bitcoin is breaking another important level and going down the price ladder. For the first time in two years, it broke below $16,000 and reached $15,800.
According to a recent tweet by the analytics company, this was triggered by the FUD (Fear, Uncertainty, Doubt) crowd reaching high peaks driven by the weakening lack of trust in centralized crypto exchanges, which was initially caused by the collapse and bankruptcy of FTX and its co-founder Sam Bankman-Fried, a former crypto-billionaire.
🧘 #Bitcoin fell below $15.8k for the first time in 2 years, and address activity rose to its highest level in over 6 months. #FUD because of a lack of trust in exchange historically favors the patient, as we see $BTC continue in self-preservation. https://t.co/lz5FOkIkRX pic.twitter.com/6PKUA29nDE
— Santiment (@santimentfeed) 21 November 2022
Yet, as the aforementioned crisis continued to unfold, the activity of Bitcoin addresses skyrocketed as many investors hurriedly withdrew their Bitcoin and other crypto from exchanges.
The activity of wallets has reached a half-year high as they move BTC to cold wallets for self-storage.