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Mark Cuban gets 'hit' by a crypto coin crashing down to zero dollars

On Wednesday, the market for a specific token began to crash as people began to panic sell, dropping the coin's price by 100%.

@Jak_ConnorTT
Published Fri, Jun 18 2021 4:33 AM CDT   |   Updated Sat, Jul 17 2021 3:07 PM CDT

No one is safe from the unpredictable cryptocurrency market drops, not even people who are already billionaires and could be considered "whales".

Mark Cuban is one example, as a coin that he has personally backed saw a sharp decline in value as a massive sell-off wave occurred, reducing the value of the coin by 100%. The token in reference is Iron Titanium, and on Wednesday morning, the value begun to crash, driving the price from $64 on Wednesday to less than 0.01% of a penny by the time Thursday rolled around.

Large investors into the coin began to sell off their holding, causing the token's value to plummet, but Iron Titanium isn't the only coin to have done this. According to CoinMarketCap, around one-third of the world's top 100 most valuable cryptocurrencies on the market dropped by at least 40% in value over the past month and a bit. Additionally, twelve of the most valuable crypto's have reduced in value by more than 50% on average.

Cuban said via tweet, "I got hit like everyone else. Crazy part is I got out... [Then] Bam". For more information on this story, check out this link here.

Mark Cuban gets 'hit' by a crypto coin crashing down to zero dollars 01 | TweakTown.com
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NEWS SOURCE:forbes.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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