Trader Brian Armstrong, the founder of Coinbase and was once worth $13.7billion, has seen $11billion vanish from his personal wealth as digital currencies went through the floor when investors started to sell amid fears of a new recession, high inflation and global economic turmoil.

He and Tesla founder Elon Musk are among the billionaires who have had $20billion wiped from the value of their investments as the great online currency crash continues today - with one mega-rich trader reportedly losing $800million in a day.

Tesla, which took a $1.5billion gamble on Bitcoin last February, has already seen that investment fall flat with its estimated value already $300million lower than it was 15 months ago.

Mr Musk is one of four so-called 'Crypto Bros' whose combined gigantic wealth, which for years has helped prop up the online currency market, has now taken the most colossal hit despite believing crypto would be a safe haven during the pandemic. But more than $20billion has been wiped off the cryptocurrency market today alone.

Coinbase's shares are down 84 per cent since their first day of trading in April 2021.

Michael Saylor, who runs software giant MicroStrategy, is one of the world's biggest holders of Bitcoin and has seen his fortune fall to $2.5billion, from an estimated $8.5billion six months ago. Forbes reported his wealth may even be below $1billion now.

And Tyler and Cameron Winklevoss, the twins famous due to their protracted battle with billionaire Mark Zuckerberg over who created Facebook famously dramatised in The Social Network, have reportedly lost around half of their wealth, down to $2.2billion from around $4.5billion.

There’s also Michael Novogratz, CEO of crypto merchant bank Galaxy Digital, whose $8.5billion fortune may have plummetted to $2.5 billion. He’s championed of TerraUSD, an algorithmic stablecoin at risk of a complete collapse because Luna's price has fallen in the same crypto 'ecosystem'.

One trader with 288,000 Bitcoin lost $800million in 24 hours after the price plunged from $43,515 to $42,963 - a drop of $550.  In total the wallet, the snappily titled '34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo', has had $2.48billion removed from its $16.29billion value on Friday.

Trader Brian Armstrong, the founder of Coinbase and was once worth $13.7billion, has seen $11billion vanish from his personal wealth as digital currencies went through the floor when investors started to sell amid fears of a new recession, high inflation and global economic turmoil.