Cryptocurrency: Vitalik is no longer a billionaire!

While the crypto market is in sharp decline, several personalities admit that they have lost astronomical sums. We can no longer count Vitalik Buterin among the billionaires.

Huge losses

The recent crash in the crypto market left investors millions of dollars in losses. Already in May, a Glassnode report showed that 40% of Bitcoin holders took losses. While the price of Bitcoin had only reached $ 31,000 against 28,000 during the previous week.

Fallen billionaires

As of May 20, Vitalik Buterin, who was christened Prince of Cryptography by TIME Magazine, said Twitter that he was no longer a billionaire. In November 2021, when the market began a bullish rally, his wallet held ETH worth $ 1.5 billion. Since then, we know that Ethereum has lost more than 55% of its value.

Changpeng Zhao, CEO of Binance, in turn had 15 million LUNA, which was worth $ 1.6 billion at the time of his ATH. Knowing that he did not sell any, his LUNA tokens are now worth no more than $ 3,000 at the current price.

According to figures from Bloomberg, its total loss is about 84% of its wealth or $ 80.5 billion since the beginning of the year. However, he is still a billionaire with just over $ 15 billion in capital.

In addition to these two, FTX’s Sam Bankman-Fried also suffered some major losses. His current fortune is 11.6 billion and he is suffering losses of 4.61 billion since the beginning of this year.

In addition to the amount of losses, many investors have lost a large portion of their financial capital. Michael Novogratz sums up the situation well in his letter to Galaxy Inc’s shareholders and the entire crypto community:

“There is no good news in what happened in the markets or in the Terra ecosystem. For Luna and UST alone, $ 40 billion in market value was destroyed in a very short time. Large and small investors have seen their profits and wealth skyrocket. “

A sharply declining crypto market

The value of the crypto market is far from its peak in November. The $ 3 trillion reached around the fall of 2021 only provides room for $ 1.2 trillion at the moment, according to figures from CoinMarketCap.

The euphoria, which led to a 3-fold increase in the total capitalization of cryptocurrencies last year, diminished rapidly in the year 2022. Since then, the red candles have piled up and even Bitcoin has not been able to escape it. In fact, while the capitalization of Bitcoin has reached $ 1.284 billion, it now does not even exceed $ 557 billion for this month of May.

Ethereum, which followed with $ 567 billion, also lost more than half of its market value from its record high on November 16, creating a drop of nearly 59.39% in value. On a daily and weekly basis, the two largest cryptocurrencies suffer on average losses of around 2% and 3%, respectively.

The situation for altcoins is even worse. Ethereum killers are mostly within 80% of their peak. Thus, the price of Solana is $ 49.43 against a total of $ 260 on November 6th. Cardano and Polkadot, for their part, are down about 83.24% and 81.77%, respectively.

Moreover, it is impossible to forget Terra’s recent collapse. On the day, the price fell another 19% to trade at $ 0.00017. While Terra Luna two months ago was the only cryptocurrency that avoided falling and even signed an ATH for $ 119.

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