Crypto Billionaires Lose $114 Bln As Bitcoin Crashes Under $23K

The Global cryptocurrency market has plunged by another 4% on Tuesday. Its total market capitalization dropped under the $1 trillion pivotal level. This continuous drop has posted a huge dent in the top crypto billionaires’ wealth as they combinedly lost around $114 billion.

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

Binance CEO CZ is down by $95.8 billion

According to Bloomberg, CZ’s crypto holding was worth about $95.8 billion on November 9, 2021. However, his total holdings are now valued at around $10.2 billion. As per Bloomberg wealth index, It has recorded a fall of over 89% in the meantime. It is also the biggest drop recorded among the top 7 investors.

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

FTX CEO’s fortune shrinks by 66%

Sam Bankman-Fried, FTX head’s wealth has shrunk by more than 66% since it peaked at $26 billion. As of June 13th, 2022 his valuation stands at $8.9 billion. Coinbase bosses Brian Armstrong and Fred Ehrsam held a valuation of $13.7 billion and $4.5 billion, respectively. Meanwhile, it has now dumped to $2.1 billion each. US largest crypto exchanges share price tumbled by 79% at the time of IPO.

Mike Novogratz is the other leader who has made it to the list. His fortune has slumped to stand at $2.1 billion from the high of $8.5 billion. Meanwhile, the Winklevoss twin brothers used to hold a valuation of $3.8 billion. It has dropped to stand a $3 billion now.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.