Who are the crypto millionaires who are losing their fortunes | International | News

The cryptocurrency market lost more than 200 billion dollars in a single dayreported on Thursday the specialized media CNBC. Thus, bitcoin fell below $30,000, which is less than half of its most recent all-time high.

Although the biggest drop was that of the stable cryptocurrency TerraUSDwhose value was in theory linked to the dollar, which has plummeted to fall this Friday to a minimum of 12 cents.

Experts have warned of the possibility that the world is on the verge of a “crypto winter”, a concept used among investors to refer to a sustained decline in the price of digital currencies.

The decline of the sector is linked to the investor caution due to fear related to the war in Ukraine, the confinement in China and the adoption of a restrictive monetary policy in the United States.

This trend also affects the stocks of technology companies, whose performance has benefited from expansionary monetary policies during the pandemic.

“Bitcoin’s correlation with the Nasdaq”, the US technology stock index “is at its maximum”, highlighted analysts specializing in blockchain of the portal Kaiko.

Virtually the entire market cryptocurrencies have suffered significant falls recently, including bitcoin. And so too, all cryptocurrency holders have suffered declines in their wealth, but the largest and most visible losses are concentrated among the great founders of the platforms where investors buy and sell digital currencies.

It is the case of Brian Armstrongfounder of Coinbase Global Inc, who last November had a personal fortune of $13.7 billion which was down to $8 billion at the end of March. Now it’s just $2.2 billiondetails Bloomberg. The last thing happened, according to the specialized media, after a sell-off of digital currencies from bitcoin to ether triggered a sharp drop in the market value of Coinbase, the largest US cryptocurrency platform.

So too, Changpeng Zhaothe CEO of Binance _the cryptocurrency exchange platform with the highest trading volume in the world_, saw his fortune reduced to $16 billion, a far cry from the $96 billion fortune with which he debuted in the wealth index of Bloomberg last January. To calculate the figure, the average enterprise value was used as a base with respect to the sales multiples of Coinbase and the Canadian crypto company, Voyager Digital.

Besides, Tyler and Cameron Winklevossco-founders of Gemini Trust Company, cryptocurrency exchange and custodian, they have lost about $2.2 billion each, that is, almost 40% of his wealth this year. The net worth of Sam Bankman-Fried, CEO of crypto exchange FXT, has halved since the end of March to about $11.3 billion. (I)

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