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Cryptocurrency News: People are experiencing extreme loss of their life savings

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Cryptocurrency market cap shrinks to $1.80 trillion Bitcoin hits April’s lowest

Billionaires in the cryptocurrency industry have openly admitted to losing money owing to selloffs in Terra UST and the collapse of its companion token LUNA during the recent crypto market catastrophe. Many cryptocurrency and exchange entrepreneurs have spoken out about their losses in this industry. 

After the catastrophic wipeout of crypto riches, Vitalik Buterin, the co-founder of the Ethereum blockchain network, has stated that he is no longer a billionaire. After Bitcoin, Ether is the second most popular cryptocurrency. The market price of both of the leading cryptos has dropped dramatically.

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Buterin tweeted on May 20: “I’m not a millionaire anymore.”

On Sunday, ether was trading at $2,015 USD, up 2.4 percent. It currently has a market capitalization of $243.5 billion, accounting for 15% of the cryptocurrency market. However, today’s trading volume in ether is down by about 32.4 percent. 

Ether has dropped by almost 3% in the last seven days. In a month, Ether has dropped by nearly 33%. Since its all-time high in November of last year, ether has dropped by more than 59 percent. Over a year, the downside is greater than 12%.

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Ether reached an all-time high of 4,891.70 on November 16, 2021. The cryptocurrency is currently trading at less than half of its previous value. 

According to a Bloomberg story, Buterin had $1.5 billion in ether holdings as recently as November. 

Ethereum was founded in 2014 by Buterin. Ethereum is a community-run system that powers the cryptocurrency ether (ETH) and serves as the platform for digital money, global payments, and apps. 

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Furthermore, the article stated that as the pandemic was raging in India last year, Buterin donated over 50 trillion Shiba Inu coins to a COVID-19 relief fund there. The coins, a parody of the dog-themed digital coin Dogecoin, would have been worth more than a billion dollars at the time. Furthermore, Buterin’s donation accounted for more than 5% of all Shiba Inu coins in circulation, causing values to plummet by 50%.

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Cryptocurrency is worthless:

The European Central Bank’s head, Christine Lagarde, has cautioned that cryptocurrencies are worthless and should be controlled. 

The ECB’s president believes that regulating the industry will prevent consumers from risking their entire life savings on cryptocurrencies. 

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“In my humble view, cryptocurrency is completely worthless.” “It is built on sand, and there are no underlying assets to act as a safety net,” she explained. 

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“I have consistently stated that these types of assets are highly speculative and exceedingly hazardous,” Lagarde continued. 

On Dutch television, Lagarde expressed concern about those who do not understand the risks, “who will lose everything” and who will be disillusioned by digital assets.

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