Billionaire crypto investor Barry Silbert, founder and CEO of Cryptocurrency Group, offered sympathy and advice to those who have recently lost their fortunes.
It’s been a tough six months to be an investor in cryptocurrency. Volatile markets, distressed asset prices, rising interest rate yields, and high inflation have all combined to shock the stock, bond and cryptocurrency markets.
Bitcoin hit a 10-month low last week, and sales of non-fungible tokens, also known as NFTs, fell between January and March 2022.
See also: How does the Bitcoin market “in great fear” compare to the past, and what to expect next
Victims of the bloodbath – which comes amid a broader stock market rout – ranges from billionaire crypto giants who run leading markets such as Coinbase COIN,
And Binance for humble retail investors who poured their life savings into cryptocurrencies.
The New York Post reports that the Winklevoss twins and other crypto tycoons who have bet big on bitcoin have seen their fortunes plummet in recent weeks during a sharp sell-off in the market.
“I lost more than 450 thousand USD, I can’t pay the bank,” reads one of the top posts on the Reddit forum for Terra Luna, a cryptocurrency that has lost more than 99% of its value over the past week. “I will soon lose my home. I will be homeless. Suicide is the only way out for me.”
“My ex-colleague tried to commit suicide,” says another important post on the forum. “He basically moved all his savings into cryptocurrency in 2021 and LUNA was a huge player in his portfolio.”
While Luna’s LUNAUSD,
The crash is the most exciting, and other cryptocurrencies are in free fall. Bitcoin BTCUSD,
It was trading at $28,300 on Thursday afternoon, down 20% over the past week and nearly 60% below its all-time high of $69,000 in November 2021. Other major cryptocurrencies including Ethereum and Solana, SOLUSD,
It now equals a fraction of an all-time high.
The entire cryptocurrency market has a market capitalization of $1.2 trillion now – less than half of the $2.9 trillion market cap in November, according to CoinMarketCap data.
If you have thoughts of suicide, call the National Suicide Prevention Lifeline at 1-800-273-8255 (TALK). You can find a list of additional resources at SpeakingOfSuicide.com/resources.