Crypto execs are really feeling the heat.
Crypto execs are losing billions of dollars in wealth amid an implosion of the value of nearly every mainstream cryptocurrency, alongside shares of exchanges, Bloomberg reports.
Crypto wallet company Coinbase saw an astonishing 19 percent drop in monthly users, according to its recent quarterly report. And while the company’s leaders claim bankruptcy is out of the question, Coinbase shares have slid considerably this month.
That downturn is wiping out tremendous amounts of personal wealth as well, with Coinbase founder Brian Armstrong’s fortune dropping from $13.7 billion in November to just $2.2 billion this week, according to Bloomberg‘s Billionaires Index.
Changpeng Zhao, CEO of competing crypto exchange Binance, saw his fortune shrink from $96 billion in January to just $11.6 billion by Wednesday, according to Bloomberg.
In short, it’s been a tumultuous couple of weeks, with the immense volatility of the entire crypto space on full display.
It’s not just crypto execs feeling the heat. The value of numerous cryptocurrencies are collapsing right now, with LUNA, a popular token that was once among the top ten most valuable cryptos, dipping well below $1 after peaking at above $120 last month.
Bitcoin has also lost more than 50 percent of its value in the last six months alone.
Both cryptocurrencies and exchanges are going through a very rough stretch right now, with no clear end in sight.
And the game isn’t over yet. It’s certainly not the first crypto downturn we’ve seen in the last couple of years, and it’s unlikely to be the last, with crypto execs bullishly staring right into the abyss.
“It’s worth just addressing the elephant in the room, which is that of course the broader markets are down,” Armstrong said during a Tuesday call following the company’s bleak quarterly report.
“We tend to do our best work in downturns, so, ironically… I’ve never been more bullish on where we are as a company.”
READ MORE: Crypto Billionaires’ Vast Fortunes Are Destroyed in Weeks [Bloomberg]
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