TEN among the wealthiest crypto investors have lost a total of $26.9 billion since November 2021, according to a new report by Forbes.
Cryptocurrency Investing has made some people really rich, however, it is that volatile market that has easily halved many people’s net worth.
In November 2021, the overall crypto market peaked in value – since then, the market has faced a total loss of 43%.
According to CoinMarketCap, the most valuable cryptocurrency has plummeted 50% since hitting an all-time high of $68,622 on November 10, according to CoinMarketCap.
Due to this drop in cryptocurrency valuation, the wallets of several crypto billionaires have faced heavy losses of billions of dollars.
In fact, three of the top ten richest crypto billionaires are worth 50% less than they were at the start of November — including Tim Draper, Matthew Roszak, and MicroStrategy CEO Michael Saylor.
At the time of this writing, Bitcoin is worth around $37,344.
Other cryptocurrencies like Ether and even crypto-related stocks like Coinbase Global have also fallen in value.
As a result of Coinbase’s plunge, the company’s CEO Brian Armstrong and board member Fred Ehrsam each lost an average of 40% of their net worth.
Indeed, few cryptocurrencies have performed well since November and experts predict that the downtrend will only continue – especially as the Federal Reserve is currently in talks about raising interest rates. rate to combat rising inflation.
Analysts also say that investors should prepare for a ‘bear market’, when the market drops 20% for at least two months.
However, some crypto billionaires like Draper remain optimistic that the market will overtake once again.
Draper told Forbes: “As interest rate worries drive the market down, I suspect some of the marginal cryptocurrencies will disappear, and more effort and focus will be applied to Bitcoin and other major currencies”.
Other crypto billionaires who have lost billions of dollars include Tyler and Cameron Winklevoss (most famous for suing Mark Zuckerberg over Facebook ownership), Sam Bankman-Fried (FTX Co-Founder), Chris Larsen (Chairman), Ripple) and Jacob McCaleb (Co-Founder of Stellar and Ripple).
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https://www.the-sun.com/tech/4537172/ten-cryptocurrency-billionaires-crypto/ These 10 Crypto Billionaires Lost $27 Billion This Year