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.