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

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

Billionaire crypto investor Barry Silbert, the founder and CEO of Digital Currency Group, on Saturday offered sympathy and advice to those who have lost fortunes recently.

It’s been a tough six months to be a crypto investor. Sluggish markets, volatile asset prices, rising interest yields, and high inflation have all combined to shock stock, bond, and crypto markets.

The price of crypto’s best-known coin, bitcoin, has plummeted since November, and “stablecoins,” touted as safe because they were pegged to the dollar and monitored through exchanges, have seen their valuations plummet.

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

See also: How a Bitcoin market “in extreme fear” compares to the past and what to expect next

Victims of the carnage — taking place amid a broader stock market crisis — range from the billionaire crypto titans that operate leading marketplaces like Coinbase COIN,
+16.02%
and Binance to humble retail investors who have poured their life savings into cryptocurrencies.

The Winklevoss twins and other Bitcoin-heavy cryptocurrency moguls have seen their fortunes plummet during a sharp sell-off in the market over the past few weeks, the New York Post reported.

“I lost over $450,000, 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 lose my home soon. i will be homeless For me, suicide is the only way out.”

“My ex-colleague attempted suicide,” says another top post on the forum. “He basically moved all of his life savings into crypto in 2021, and LUNA has been a massive player in his portfolio.”

During Luna’s LUNAUSD,
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The most spectacular is the collapse, other cryptocurrencies are also in free fall. bitcoin BTCUSD,
+2.61%
was trading around $28,300 as of Thursday afternoon, down 20% over the past week and nearly 60% below its all-time high of $69,000 set in November 2021. Other major cryptocurrencies, including Ethereum and Solana SOLUSD,
+5.29%
are now worth fractions of their all-time highs.

The entire cryptocurrency market now has a market cap of $1.2 trillion — less than half the $2.9 trillion it was worth in November, according to CoinMarketCap data.

If you have suicidal thoughts, call the National Suicide Prevention Lifeline at 1-800-273-8255 (TALK). For a list of additional resources, see SpeakingOfSuicide.com/resources.

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