Billionaire crypto investor Barry Silbert, founder and CEO of Digital Currency Group, offered his sympathy and advice on Saturday to those who have lost fortunes recently.
It’s been a tough six months to be a crypto investor. Seesaw markets, shaky asset prices, rising interest rates and high inflation have all combined to shock the stock, bond and crypto markets.
The price of crypto’s best-known coin, bitcoin, has fallen since November and “stable coins” that were touted as safe and secure because they were pegged to the dollar and monitored via exchanges have seen their ratings plummet.
Bitcoin hit a 10-month low last week and sales of non-fungible tokens, aka NFTs, fell between January and March 2022.
See also: How a Bitcoin Market “In Extreme Fear” Compares to the Past and What to Expect Next
The victims of the bloodbath — which comes amid a broader stock market rout — range from billionaire crypto titans who run top marketplaces such as Coinbase COIN,
and Binance to small retail investors who have invested their savings in cryptocurrencies.
The Winklevoss twins and other cryptocurrency tycoons who bet big on bitcoin have seen their fortunes plummet in recent weeks amid a strong sell-off in the market, the New York Post reported.
“I’ve lost over $450,000, can’t pay the bank,” reads one of the top Reddit forum posts for Terra Luna, a cryptocurrency that has lost over 99% of its value over the course of the year. of last week. “I will soon lose my house. I will become homeless. suicide is the only way out for me.
“My ex-colleague attempted suicide,” read another forum post. “He basically moved all of his savings into crypto in 2021 and LUNA was a massive player in his portfolio.”
While Luna’s LUNAUSD,
the collapse is the most spectacular, other cryptocurrencies are also in free fall. BitcoinBTCUSD,
was trading around $28,300 on Thursday afternoon, down 20% over the past week and nearly 60% lower than its all-time high of $69,000 in November 2021. Other major cryptocurrencies, including Ethereum and Solana SOLUSD,
are now worth fractions of their all-time highs.
The entire cryptocurrency market now has a market capitalization of $1.2 trillion, less than half of the $2.9 trillion it was worth in November, according to data from CoinMarketCap.
If you are having suicidal thoughts, call the National Suicide Prevention Lifeline at 1-800-273-8255 (TALK). You can find a list of additional resources at SpeakingOfSuicide.com/resources.