Vitalik Buterin, the co-founder of the Ethereum blockchain, revealed that he is no longer a billionaire after the current crypto market collapse. Ethereum has lost 59% of its value from the all-time high and is currently trading at $1,998.
Billionaires have been open about losing huge fortunes during the crypto market downfall. The famous crypto billionaires such as Binance and Coinbase CEOs have seen their wealth slash to half in the last few weeks.
The spectacular sell-off of Terra and the following collapse of LUNA also had an impact on the portfolios of LUNA holders. Binance exchange held 15 million LUNA tokens which were worth $1.6 billion in April. Today, the coin has crashed to zero. Binance founder Changpeng Zhao tweeted “poor again” on the situation as the platform didn’t sell LUNA despite the downfall.
Ethereum, the second-biggest cryptocurrency, is also suffering from a brutal fall as the global markets suffer from a recession. ETH hit an all-time high of $4,891 on November 16, 2021. It currently represents 15% of the total crypto market cap.
Vitalik Buterin founded Ethereum back in 2014. So far, ETH has survived two bear markets. Its blockchain offers digital money, global payments, and applications.
(btw btw I’m not a billionaire anymore)
— vitalik.eth (@VitalikButerin) May 20, 2022
Buterin tweeted on May 20th “I’m not a billionaire anymore.” He held $1.5 billion worth of Ethereum in November. But the declining price of the asset has dropped the value of his holdings as well.
Currently, Bitcoin is trading at $29,746. For 8 weeks straight, Bitcoin is closing in the bearish candle. It continues to trade below $30K, however, BTC is dominating the market by 44.53%.