The prices of several cryptocurrencies dropped dramatically at the same time, including Bitcoin which was traded for less than USD 30K. It cost several trillionaires who became crypto investors lost so much money because of the decline in value.
Brian Armstrong, the founder of the coinbase crypto wallet company, previously had a net worth of around USD 13.7 billion. Now, the treasure is reduced in the range of USD 11 billion.
As quoted by us from the Daily Mail, Monday (16/5/2022) the value of digital money has decreased drastically because investors are busy selling it due to fears of a recession, high inflation and unstable world economic conditions.
The Coinbase company itself was hit by a rock where its share price fell 84% compared to when it first sold shares in April 2021.
On the other hand, there is Michael Saylor, the head of software company MicroStrategy. He is one of the largest Bitcoin holders in the world. His current assets fell to USD 2.5 billion from the previous USD 8.5 billion.
Not only that, there are twins Tyler and Cameron Winklevoss, who are famous for their feud with Mark Zuckerberg over who founded Facebook. They are also known as Bitcoin cryptocurrency investors.
Well, the Winklevoss twins have also drastically cut their wealth by about half. From the initial USD 4.5 billion, now only USD 2.5 billion.
Other high-end crypto traders also suffered losses. One trader who owns about 288 thousand Bitcoins, lost up to USD 800 million in just 24 hours.
"This massive cryptocurrency sell-off was driven by a worrying macro backdrop of high inflation and interest rates and raised concerns across the tech sector, sending crypto prices plummeting," said Victoria Scholar, Head of Investment at Interactive Investors.
