Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth

Crypto markets witness a huge crash with some of the top cryptocurrencies losing more than 99 percent of their value.

The crypto in buzz is Terra which fell to some 69 cents on Thursday from its all-time high of $119 made on April 5, 2022. Even Terra's stable coin UST, which has to maintain a 1:1 with the U.S. Dollar, fell to as low as $0.29.

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The biggest crypto Bitcoin was down over 25 percent in the last 7 days as it was trading below $30,000. Ethereum was down 56 percent from its all-time highs.

Other top cryptos like Binance coin lost 60 percent from its all-time high, Cardano (ADA) was down 85 percent, Solana tanked 80 percent, Dogecoin 88 percent, and Shiba Inu 85 percent.

With falling crypto markets we also see a crumbling wealth of crypto billionaires.

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Changpeng Zhao, CEO of Binance, has lost almost 90 percent of his wealth this year. He debuted on the Bloomberg wealth index in January with a net worth of $96 billion, one of the world’s largest. By Thursday that had shrunk to $11.6 billion.

Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That’s now just $2.2 billion, according to the Bloomberg Billionaires Index.

The global cryptocurrency market cap was down 10 percent on Thursday at $1.35 trillion, as per CoinGecko.

There is a panic over inflation and fears of a potential recession that is crashing the crypto markets as investors sell off risk assets and shift to the safe-haven dollar.

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