Barry Silbert conveyed his compassion and advised people who lost money during the crypto meltdown. The renowned crypto investor and the founder and CEO of Digital Currency Group empathized with investors on Saturday.
Barry took to Twitter, saying that everyone had a tough week. He added that hearing about suicides is devastating. Barry said that he lost all he had in the dot-com bust, but life moves on, and people will find a way to save again.
Being an investor in cryptocurrencies has been challenging over the past half-year. The stock, bond, and cryptocurrency markets are all shaken up due to a confluence of factors. Some factors include unsteady markets, falling asset values, rising interest rate yields, and high inflation. Barry urges people who have lost money to take it as a useful lesson as he has experienced it too. Just recently, Barry tweeted that buying Dogecoin, the meme cryptocurrency, had crossed his mind.
Barry Silbert was not the only mogul affected
Since November, the bitcoin price (the cryptocurrency industry’s most well-known coin) has been on a downward trend. Additionally, the valuations of “stable coins” have also been on the decline. The decline of the stablecoin was more confusing. People considered them safe and secure since they were well pinned to the dollar and supervised via exchanges and have also been on the decline.
The potential of stablecoin was great. Its entire stock worth was expanding so fast. It was breeding hope to an extent the US government was planning a uniform framework for its use. According to Senator Yellen, she hoped for legislation on Stablecoins early next year.
The bitcoin price fell to a level not seen in ten months last week. Besides, sales of non-fungible tokens, also known as NFTs, had a steep decline between January and March of 2022.
The victims of the catastrophe, which comes amid a broader rout in the stock market, range from the oligarch crypto giants who run top exchanges such as Coinbase COIN, +16.02 %, and Binance to the menial buyers who have pumped their entire savings into digital currencies.
According to a story in the New York Post, the Winklevoss twins and other crypto moguls are feeling the heat. Their fortunes significantly eroded in recent weeks due to a significant selloff in the market.
LUNAUSD token loss was fatal
One of the most popular posts on the Reddit site for Terra Luna, crypto that has lost more than 450 thousand dollars in value over the past week, goes as follows:”I am unable to pay the bank since I have lost around $450 thousand.” “I’m about to be evicted from my home. I’ll have to live on the streets. I have no choice except to commit suicide.”
Another one of the top posts on the forum says, “My former coworker attempted suicide.” “In 2021, he essentially put all his funds into cryptocurrency, and LUNA was a significant participant in his portfolio,” you would say.
So far, the -26.00 percent drop in Luna’s LUNAUSD token value is a colossal loss. However, the value of other cryptocurrencies is also plummeting. Bitcoin BTCUSD, +1.10 percent, was trading at about $28,300 as of Thursday afternoon. The price represents a 20 percent decrease over the previous week. Also, compared to BTC’s all-time high of $69,000 in November 2021, there is a decrease of roughly 60 percent.
Other significant cryptos like ETH and Solana SOLUSD, +1.00 percent, are currently worth only a tiny fraction of what they were at their peaks.According to data provided by CoinMarketCap, the total value of the crypto market has decreased to $1.2 trillion. The value remains less than half of what it was worth in November, at $2.9 trillion.