Ethereum co-founder Buterin says he’s no longer a billionaire

Billionaires in the cryptocurrency market have openly declared losses incurred during a sharp drop in the crypto market caused by the sell-off in Terra UST and the collapse of its sister token LUNA. Many cryptocurrency and exchange founders have shared their mistakes in this market. The co-founder of the Ethereum blockchain platform, Vitalik Buterin, has announced that he is no longer a billionaire after his crypto fortune was wiped out. After bitcoin, ether is the market’s second largest cryptocurrency. The market capitalization of both top cryptocurrencies has increased significantly.

Ether is down more than 3% in the past seven days. Whereas Ether is down more than 33% in one month. From its all-time high in November last year, Ether has registered a decline of nearly 59%. In one year, the downside is to the tune of over 12%.

Ether is currently traded above $2,015 with an increase of 2.4%. It currently has a market cap of $243.5 billion – which is 15% of the crypto market. However, trading volume in Ether is down by over 32.4% today.

On November 16, 2021, Ether hit an all-time high of 4,891.70. Now the cryptocurrency is not even half of this price level.

However, over the past six months, Ether has made a sharp correction.

As recently as November, Buterin held approximately $1.5 billion in Ether, according to a Bloomberg report.

Buterin founded Ethereum in 2014. Ethereum is the community-driven technology that powers the cryptocurrency Ether (ETH) and is home to digital money, global payments and applications.

In addition, the report highlights that after the pandemic broke out in India last year, Buterin has donated more than 50 trillion Shiba Inu coins to the COVID-19 relief fund in that country. The coins, which are a meta joke about the dogecoin-themed digital coin Dogecoin, would have been worth over $1 billion, during that time. In addition, notably, Buterin’s donation represents more than 5% of the total Shiba Inu coins in circulation and the price has dropped by about 50%.

Billionaires in crypto have shared their opinion on the collapse of the Terra sisters last week and how the entire crypto market crash affected their wealth. Last week, Binance founder Changpeng Zhao, commonly known as “CZ”, tweeted “poor again”. He revealed that Binance received 15 million LUNA tokens for its $3 million investment in the Terra network. At its peak in April this year, investment in stablecoins reached $1.6 billion. However, Zhao did not sell Luna, and when the stablecoin fell to the zero threshold.

Furthermore, on May 18, Michael Novogratz, founder of crypto merchant bank Galaxy Inc., acknowledged in a letter to shareholders, friends, partners and the crypto community that Terra UST and Luna were “a big idea that failed.” Novogratz said, “There is no good news in what happened in the markets or in the Terra ecosystem. In Luna and UST alone, $40 billion of market value was destroyed in a very short period of time. Investors both large and small made gains. And saw the money. Disappearing.”

“The global macro backdrop has been brutal for all risk assets this year. Growth stocks with negative cash flows have lost up to 50-70% this year. Crypto under pressure with core assets like BTC and ETH down around 58% from each all-time high – and the altcoin is down an average of 80% from all-time highs.” Currently, bitcoin continues to trade below the $30,000 mark. It performed up 2.2% at $29,965, however, according to CoinMarketCap data, the dominance of the leader is currently down 44.53% by 0.06%.

Bitcoin is down more than 1% in the past seven days. While its monthly decline is more than 26%. The coin dropped more than 20% in a year. From its all-time high of $68,789.63 in November last year, bitcoin is currently down 56.5%. Terra UST has lost its peg and isn’t struggling around 5 cents. Its weekly decline is over 71%.

LUNA is currently near $0.015888. It crashes to almost 100%.

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