Encryption investor Barry Silbert offers sympathy and advice to those who lost fortunes this week

Encryption investor Barry Silbert offers sympathy and advice to those who lost fortunes this week

Billionaire cryptocurrency investor Barry Silbert, founder and CEO of Digital Currency Group, offered sympathy and advice to those who lost property recently.

It was a difficult six months to be an encryption investor. Rapid markets, asset price fluctuations, rising interest rate yields and high inflation have all combined to shock stock, bond and cryptocurrency markets.

The price of the most popular cryptocurrency, bitcoin, has fallen since November, and “fixed currencies” that were advertised as safe and secure because they were pegged to the dollar and monitored by exchanges saw their valuations collapse.

Bitcoin hit a 10-month low last week and sales of non-tradable tokens, also known as NFTs, plummeted between January and March 2022.

See also: How to compare a bitcoin market “with extreme fear” with the past and what to expect next

The victims of the bloodbath – which comes amid a wider stock market disaster – range from billionaire cryptocurrencies managing top markets like Coinbase COIN,
+ 16.02%
and Binance to low retail investors who have thrown their savings into cryptocurrencies.

The Winklevoss twins and other cryptocurrency moguls who bet a lot on bitcoin have seen their fortunes plummet in recent weeks during a sharp sell-off in the market, the New York Post reported.

“I lost more than $ 450,000, I can not pay the bank,” said one of the top posts on the Reddit forum about Terra Luna, a cryptocurrency that lost more than 99% of its value last week. “I will soon lose my house. I will be homeless. “Suicide is the only way out for me.”

“My ex-colleague attempted suicide,” reads another top post on the forum. “He basically transferred all his savings to encryption in 2021 and LUNA was a huge player in his portfolio.”

While Luna’s LUNAUSD,
The collapse is the most spectacular, and other cryptocurrencies are also in free fall. Bitcoin BTCUSD,
+ 2.23%
traded around $ 28,300 on Thursday afternoon, down 20% last week and almost 60% below the all-time high of $ 69,000 in November 2021. Other major cryptocurrencies, such as ethereum and solana SOLUSD,
+ 3.89%
are now worth fractions of the all-time high.

The entire cryptocurrency market now has a market capitalization of $ 1.2 trillion – less than half of the $ 2.9 trillion worth in November, according to CoinMarketCap.

If you have 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.

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