Recent Drop In The Cryptocurrency Sector Hits Vitalik Buterin As Well!
The cryptocurrency market suffered a massive earthquake due to Elon Musk, Ethereum co-founder Vitalik Buterin, and news from the Chinese government. The cryptocurrency market has paid the price of this shaking with a shrinkage of approximately $ 1 trillion, and still nobody can predict where the decline will stop.
Elon Musk and Buterin Triggered a Decline in the Market
With Vitalik Buterin’s selling dog-themed cryptocurrencies, later Elon Musk’s Bitcoin announcements, and the rumor that China will ban cryptocurrencies, the Bitcoin (BTC) price also dropped from $ 55,000 to $ 30,000. BTC, which rose again to $ 40,000 from here, came to a bottom with today’s news when it came to $ 42,000 resistance.
The statements made in the council led by the Chinese Deputy Prime Minister suddenly sparked panic sales. After the news that China will increase regulations for cryptocurrency mining, Bitcoin was withdrawn to $ 35,000 again, and many individual investors were sold at a loss. However, individual investors were not the only crowd that suffered from this sale.
Ethereum Co-Founder Wealth Shrinks
Ethereum co-founder Vitalik Buterin, who recently became a billionaire with the price of Ethereum (ETH) rising above $ 3,300, is no longer a billionaire. Although the Ethereum price increased to $ 4,400 and doubled Buterin’s fortune during this period, this panic reduced the ETH price back to $ 2,300.
In fact, Vitalik Buterin recently stated that it is unreasonable for the industry to grow so fast and that the cryptocurrency industry is in the bubble stage. After this statement, the famous name also suffered a blow with other investors, which may be a situation he expects.