The global cryptocurrency market plummeted another 4% on Tuesday. The total market cap fell below the crucial $1 trillion mark. This continuous decline has taken a toll on the fortunes of the top crypto billionaires as they collectively lost around $114 billion.
The crypto run of 2021 proved to be a fortune for many digital asset leaders such as Binance CEO Changpeng Zhao, FTX CEO Sam Bankman-Fried and other key participants. The bull made them the faces of the crypto space. However, the current bear market conditions have caused their holdings to collapse massively.
Binance CEO CZ is down $95.8 billion
According to Bloomberg, CZ’s crypto holding was worth approximately $95.8 billion as of November 9, 2021. However, its total holdings are now valued at around $10.2 billion. According to the Bloomberg Wealth Index, it has since fallen by over 89%. It’s also the largest drop recorded among the top 7 investors.
The report states that Bitcoin (BTC) prices hit an all-time high (ATH) of around $69,000 on November 9, 2021. The combined fortunes of the top 7 crypto leaders continued to hit the $145 billion mark. Since then, BTC prices have fallen by around 67% and are trading at $22.5K. It added that other people like Microstrategy CEO Michael Saylor and El Salvador President Nayib Bukele, who made a bet on the world’s largest cryptocurrency, suffered badly.
FTX CEO’s fortune shrinks 66%
FTX CEO Sam Bankman-Fried’s fortune has shrunk more than 66% from its $26 billion peak. As of June 13, 2022, its valuation is $8.9 billion. Coinbase chiefs Brian Armstrong and Fred Ehrsam held a valuation of $13.7 billion and $4.5 billion, respectively. It has since fallen to $2.1 billion each. The share price of the largest US crypto exchange collapsed by 79% at the time of the IPO.
Mike Novogratz is the other leader to make the list. His fortune has plummeted to $2.1 billion from a peak of $8.5 billion. Meanwhile, the Winklevoss twin brothers were valued at $3.8 billion. It has now fallen to $3 billion.
Ashish believes in decentralization and has a keen interest in advancing blockchain technology, the cryptocurrency ecosystem, and NFTs. He aims to create awareness of the growing crypto industry through his writings and analysis. When he’s not writing, he’s playing video games, watching a thriller, or exercising outside. Reach me at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.