Bitcoin’s plunge hits Winklevoss twins, turning them into ex-billionaires Tom Metcalf More
What bitcoin giveth, bitcoin taketh away.
Cameron and Tyler Winklevoss, the twin brothers who became billionaires after the run-up in the price of bitcoin and other digital assets toward the end of last year, have seen their fortunes drop 37 per cent in the past month as the cryptocurrency plunged . ASX winners and losers – a snapshot Play Video Bitcoin dives on crackdown fear
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Bitcoin dips to four-week low as fears grow about a possible regulatory crackdown on the cryptocurrency market.
Bitcoin dipped below $US10,000 Wednesday, extending a rout that has sliced $US443 million from the net worth of each brother, leaving them with $US739 million apiece, at least on paper, according to the Bloomberg Billionaire Index .
Bitcoin dropped 10 per cent to $9544.09 as of 11am in New York, the first time it traded below the $US10,000 threshold since December 1, according to consolidated pricing data collated by Bloomberg. It peaked at $US19,511 on December 18.
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Still, the twins may not be too concerned . They intend to hold their Bitcoin for the long-term and expect it to “appreciate by 10 to 20 times its current value”, Cameron Winklevoss said in a December 8 interview with Bloomberg.
The selloff this week brings more trauma to a digital-coin market that has lost more than $US300 billion in value just since January 13. After a dizzying rally pushed bitcoin higher by 1400 per cent last year, the latest plunge cast doubt on the viability of cryptocurrencies and the blockchain technology that underpins it. Advertisement
The most recent signs of a regulatory clampdown have come out of Asia, a hotbed of bitcoin trading. In South Korea, regulators warned they may shut down cryptocurrency exchanges, while China is said to have intensified its curbs on trading of the digital coins. In the US, the Securities and Exchange Commission asked at least 15 funds to pull applications this month for bitcoin-related exchange-traded funds.
That’s left speculators across the globe struggling to determine when or how market watchdogs may rein in an industry that is decentralised and derives much of its value from anonymous ownership.
SHARE Share on Twitter TWEET Link According to Bloomberg, Bitcoin’s drop below $US10,000 has wiped $US443 million from the net worth of each brother, leaving them with $US739 million apiece, at least on paper,
It wasn’t supposed to happen that way. When bitcoin futures started trading last month on CME Group and Cboe Global Markets exchanges, it triggered speculation that there would soon be a range of crypto ETF and mutual fund offerings. That in turn would draw hordes of new investors and lift bitcoin even higher.
Many assertions that digital coins represent a bubble have triggered double-digit selloffs over the past year, often to be followed by rebounds. It fell 26 per cent in a week after reaching its peak in mid-December, only to rally 21 per cent in the next 10 days. Since then, its posted only two gains in eight sessions.
Bitcoin’s market value has dropped to about $US170 billion from a peak north of $US310 billion. The December surge began after the US Commodity Futures Trading Commission agreed to allow trading in bitcoin futures.
The digital coin is still higher by almost 1000 per cent from a year ago.
Bloomberg.