Crypto billionaires lose $114 billion as Bitcoin crashes below $23,000

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The global cryptocurrency market fell another 4% on Tuesday. Its total market capitalization has fallen below the $1 trillion pivot level. This continued decline has resulted in a huge dent in the wealth of top crypto billionaires, as they together have lost an estimated $114 billion.

The 2021 crypto run has turned out to be a fortune for many digital asset leaders like Binance Director Changpeng Zhao, FTX CEO Sam Bankman-Fried and other major participants. The bull has made them the faces of the crypto space. However, the current bear market conditions have led to a massive collapse in their holdings.

Binance CEO CZ is down $95.8 billion

According to Bloomberg, CZ’s crypto holdings were worth around $95.8 billion on November 9, 2021. However, his total holdings are now valued at around $10.2 billion. According to the Bloomberg Wealth Index, it has recorded a drop of more than 89% in the meantime. It is also the largest decline recorded among the top 7 investors.

The report states that Bitcoin (BTC) prices reached an all-time high (ATH) of around $69,000 on November 9, 2021. The combined wealth of the top 7 crypto leaders then hit the $145 billion mark . Since then, BTC prices have fallen around 67% to trade at $22.5,000. He added that other people like Microstrategy CEO Michael Saylor and El Salvador President Nayib Bukele who bet on the world’s largest cryptocurrency suffered a lot.

FTX CEO’s fortune drops by 66%

FTX chief Sam Bankman-Fried’s wealth has shrunk more than 66% since peaking at $26 billion. As of June 13, 2022, its valuation stood at $8.9 billion. Coinbase bosses Brian Armstrong and Fred Ehrsam held a valuation of $13.7 billion and $4.5 billion, respectively. Meanwhile, he has now dumped $2.1 billion apiece. The share price of the largest US crypto exchanges fell 79% at the time of the IPO.

Mike Novogratz is the other leader to make the list. His fortune plummeted to $2.1 billion from $8.5 billion. Meanwhile, the Winklevoss twin brothers held a valuation of $3.8 billion. It’s down to $3 billion now.

Ashish believes in decentralization and has a keen interest in the evolution of Blockchain technology, the cryptocurrency ecosystem, and NFTs. He aims to raise awareness of the growing crypto industry through his writing and analysis. When he’s not writing, he’s playing video games, watching thrillers, or playing sports outdoors. Contact me at [email protected]

The content presented may include 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.


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