The fortunes of cryptocurrency billionaires who made huge profits in November are reported by Fortune.
The cryptocurrency market collapsed on thisweek —in the last two days, the price of Bitcoin fluctuated between $28,000 and $30,000. This is half the record peak reached in November. Investors blamed the fall on TerraUSD, a “stable” token close in value to the dollar. Typically, such a currency is considered as a “safe place” for storing one’s investments.
As a stablecoin, Terra is pegged to the dollarUSA, and its value should not have fallen below $1. As of Thursday afternoon, the currency had fallen to cents, reports CNET. The exact reasons for this state of affairs are unknown. The website CoinDesk links this to a series of large withdrawals from Anchor Protocol, which acts as a bank for tokens.
In conditions of uncertainty, investors continuedsale of crypto coins, reducing market share by $200 billion in just one day. As a result, several crypto billionaires lost most of their wealth.
Net worth of Michael Novogratz, an ardent supporterTerra USD is $2.5 billion, up from $8.5 billion in November last year. The cryptocurrency he so passionately supported is now on the brink of collapse. However, his losses are insignificant compared to what Changpeng Zhao, CEO of Binance, is going through. He entered the Bloomberg Billionaires Index in January of this year with a personal fortune of $96 billion. As of Wednesday, that had dropped to $11.6 billion. Tyler and Cameron Winklevoss, co-founders of the cryptocurrency exchange Gemini, have sold 40% of their wealth since the beginning of this year.
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