Volatility in cryptocurrency is not something new for crypto investors. In the past, government directives against currencies have caused major crashes. However, this time the threat doesn't come from a single government but the fears of a recession. Conventional investors who had been experimenting with crypto coins so far have now dropped them like hotcakes. Fears turned to reality last week when the U.S. Federal Reserve announced the tightening of its monetary policy.
. With uncertainty prevailing, investors have continued their sell-off of crypto coins, wiping off $200 billion of market share in just one day. The most visible impact of these sell-offs has been evident on the fortunes of crypto billionaires. Coinbase founder, Brian Armstrong, had a net worth of $13.7 billion last November, which reduced to $8 billion as Bitcoin lost some of its sheens. With the latest slump, the personal fortune stands at $2 billion.
Michael Novogratz, a vocal supporter of Terra USD, now has a personal fortune of $2.5 billion, unlike the $8.5 billion in November last year. The cryptocurrency he so passionately supported is now on the brink of collapse. Armstrong and Novogratz's losses are dwarfed by what Changpeng Zhao, the CEO of Binance, is going through. Zhao made a grand entry to the Bloomberg Billionaires Index in January this year with a personal fortune of $96 billion. As of Wednesday, this number had shrunken to $11.6 billion.
Tyler and Cameron Winklevoss, co-founders of crypto exchange Gemini, have sold 40 percent of their wealth since the beginning of this year, while Sam Bankman-Fried, the crypto billionaire, who wants toThese are some really tough times for crypto billionaires. Stay ahead with the latest science, technology and innovation news, for free:
as the market is made by dumb people that bought these, dumb people have lost their money and the planet does not thank them for being dumb !!!
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