Ether has dropped by almost 3% in the last seven days. In a month, Ether has dropped by nearly 33%. Ether has dropped over 59 percent since its all-time high in November last year. Over a year, the downside is more than 12 percent. That’s the main reason why Buterin is no longer a billionaire.
Billionaires in the cryptocurrency industry have openly admitted to losing money owing to sell offs in Terra UST and the collapse of its companion token LUNA during the recent crypto market catastrophe. Many cryptocurrency and exchange entrepreneurs have spoken out about their losses in this industry. After the catastrophic wipeout of crypto riches, Vitalik Buterin, the co-founder of the Ethereum blockchain network, has stated that he is no longer a billionaire. After Bitcoin, Ether is the second most popular cryptocurrency. The market price of both of the leading cryptos has dropped dramatically.
Buterin on May 20 tweeted saying, “I’m not a billionaire anymore.”
Ether was trading at $2,015 on Sunday, up 2.4 percent. It currently has a market capitalization of $243.5 billion, accounting for 15% of the cryptocurrency market. However, today’s trading volume in Ether is down by about 32.4 percent.
Ether has dropped by almost 3% in the last seven days. In a month, Ether has dropped by nearly 33%. Ether has dropped over 59 percent since its all-time high in November last year. Over a year, the downside is more than 12 percent.
Ether reached an all-time high of 4,891.70 on November 16, 2021. The cryptocurrency is currently trading at less than half of its previous value.
According to Bloomberg, Buterin had $1.5 billion in stock holdings as recently as November.
Furthermore, the article stated that as the pandemic was raging in India last year, Buterin donated over 50 trillion Shiba Inu coins to a Covid-19 relief fund there. The coins, which are a parody of the dog-themed digital coin Dogecoin, would have been valued over $1 billion at the time. Furthermore, Buterin’s donation accounted for more than 5% of all Shiba Inu coins in circulation, causing values to plummet by 50%.
In the last week, crypto billionaires have expressed their thoughts on the Terra sisters’ fall and how the entire crypto market crisis affected their riches.
“Poor again,” tweeted Binance founder Changpeng Zhao, often known as “CZ,” last week. He claimed that Binance acquired 15 million LUNA tokens in exchange for its $3 million investment in the Terra network. The investment in stable coins reached a high of $1.6 billion in April of this year. Zhao, on the other hand, did not sell any LUNA when the stable coin fell to zero.
In a message to shareholders, friends, partners, and the crypto community on May 18, Michael Novogratz, creator of crypto merchant bank Galaxy Inc, recognised that Terra UST and LUNA “was a big idea that failed.”
“There is no good news in what transpired in markets or in the Terra ecology,” Novogratz remarked. In UST and Luna
“This year’s global macro backdrop has been harsh for all risk assets. Growth stocks with negative cash flows have dropped by up to 70% this year. Core assets like BTC and ETH are down roughly 58 percent from all-time highs, while altcoins are down an average of 80 percent “”Record highs.”
Bitcoin is still trading below $30,000 at the moment. It is presently trading at $29,965, up 2.2 percent, but according to CoinMarketCap data, the leader’s dominance is now 44.53 percent, down 0.06 percent.
Bitcoin has lost more than 1% in the last seven days. While the monthly decrease is over 26%. In a year, the coin lost more than 20% of its value. Bitcoin is presently trading at $68,789.63, down from an all-time high of $68,789.63 in November of last year.
Terra UST has lost its peg and is currently trading at 5 cents. It has dropped by more than 71 percent in the last week.
LUNA is now trading at $0.015888. It has nearly reached 100 percent.
Source: Livemint