On Thursday, as people waited in line at banks and ATMs to withdraw cash, the National Bank of Ukraine adopted a resolution that limited daily cash withdrawals in local currency up to 100,000 hryvnia. $3,350, except for wages or social payments. The regulator also prohibited cash from foreign currency accounts.

After President Putin announced a special military operation in Ukraine in the early hours of February 24, Russia made this decision. Many Ukrainians fled major cities like Kyiv after rockets exploded on targets throughout the country. There were also reports that Russian tanks crossed the border. This was all part of what has become a large-scale Russian invasion.

Ocheredi k bankomatam v Kieve pic.twitter.com/vLlJYmdYpM

– Uchenik Shtirlitsa, @moments_Spring February 24, 2022

The NBU demanded that banks continue to be open despite the imposition of martial law by President Volodymyr Zelesky. The restrictions also prohibit foreign exchange transactions, with the exception of customers selling foreign currency. The official exchange rates for the hryvnia were fixed, according to the authority, at 29.25 hryvnias per $1 and 33.17 euros per EUR1, respectively.

The central bank has placed a moratorium on cross border foreign currency payments. It also prohibited Ukrainian banks to process debit transactions on accounts of Russian Federation residents. This ban includes electronic money distribution and deposit to e-wallets.

This document does not mention other digital assets, such as cryptocurrencies. Ukraine has been trying to regulate them. The parliament of East European nation, which is ranked among the region’s leaders when it comes to crypto adoption, recently approved the law ‘On Virtual Assets,’ which lists NBU as the primary regulator of the market. The legislation has yet to be entered into force.

The National Bank of Ukraine stated that these restrictions do not apply to transactions made to or by the Ukrainian government, enterprises, or institutions involved in mobilization tasks, as well as payments under special permits issued the monetary authority. The NBU stressed that all cashless payments are unlimited. ATMs must always be stocked with cash, and banks should ensure uninterrupted operation of their branches.

Anusorn Thammajai, former director of Bank of Thailand (BOT), reportedly said that the cryptocurrency market would crash within a few months. Nation reported Sunday. The former director of the central bank warned:

When liquidity in the financial markets drops as a result of central bank moves to reduce quantitative easing and increase interest rates, a cryptocurrency bubble will be formed.

He pointed out that the first wave in the crypto bubble had already passed, and that many cryptocurrencies have lost over 40% this year.

Former Bank of Thailand director said that cryptocurrency is a tool to create a digital financial economy. However, it can also pose risks to financial system. Investors who have risky assets should be extra cautious in the second quarter of this year, he added.

Thammajai also stated that he supports Thai government’s plans for taxing crypto transactions and tightening regulation of cryptocurrencies. Thammajai noted that cryptocurrency has been used by illegal businesses for money laundering and illicit financing.

Thailand has recently relaxed crypto taxes rules and scrapped the planned 15% withholding tax. The Bank of Thailand, Thailand’s Securities and Exchange Commission and the country’s finance ministry declared cryptocurrency would be regulated as a payment method.

With the rise in digital assets, the fortunes of crypto entrepreneurs and investors have collapsed with them. It is possible that the worst is yet to come.

Forbes has tracked ten of the most wealthy cryptocurrency moguls. Their combined losses have been $26.9 Billion since November 10, 2021 when Bitcoin and the entire crypto market reached their peak in value. Three of the ten are now worth half the amount they were in November, a shocking loss for the volatile cryptocurrency sector.

According to CoinMarketCap data provider, Bitcoin, the most valuable digital asset, has fallen 50% since November 10 when it hit an all-time high at $68,622, an unprecedented market value. At midday Monday, the cryptocurrency was trading at $34,326-the price Forbes used for calculating current holdings. Six hours later, Bitcoin jumped to $36,000.

Others cryptocurrencies are following suit. Ether, which is the second-largest digital asset, also saw a halving in value since November. Stocks that are correlated with cryptocurrencies have also fallen. Coinbase Global shares have fallen 42% since Bitcoin’s peak. They fell from $328 per share down to $191 at market close on January 24, 2018. Coinbase’s cofounders, Brian Armstrong, CEO of Coinbase Global and Fred Ehrsam, a billionaire board member have lost more than $7 billion between them.

MicroStrategy is a software company that has invested more than $3 billion of corporate treasury in bitcoin. Its shares have fallen 55% since November 10. MicroStrategy, a software company that invested over $3 billion of its corporate treasury into bitcoin, is down 55% since November 10. MicroStrategy CEO Michael Saylor is a Bitcoin investor. His fortune has plunged 55%.

Few digital assets have done well. On November 10, the total market capitalization for all cryptocurrencies was almost $3 trillion. This number stood at $1.7 trillion on November 10, which represented a 43% plunge in three months.

The market turmoil may not be over for crypto investors. Analysts believe that the crypto sector is heading for a bear market due to central bank tightening, rising bond yields, and a decrease in investor appetite for cryptocurrencies.

This is not all bad news, however, for crypto’s tycoons. In November, Tyler Winklevoss and Cameron Winklevoss raised the valuation of their crypto exchange Gemini to $7 billion. That was before Bitcoin crashed, so it protected their net worths for now.

Other investors remain optimistic: Tim Draper (a billionaire investor who spent $18.7million on almost 30,000 bitcoins last year) told Forbeslast Wednesday that he believes Bitcoin could surge more than 600% to $250,000 this year, despite the bearish market conditions. Draper stated that as interest rate concerns drive down the markets, Draper believes some marginal cryptocurrencies will vanish and that more focus will be put on Bitcoin and other important coins. He has every reason to believe that Bitcoin will have a bright future, as he holds so much.

This is how the net worth has changed for these ten crypto billionaires, between November 10, 2021 and January 24, 2022.

The following calculations were made using close-of market stock prices and crypto asset prices.