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.
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