[DigitalToday reporter Yoonseo Lee] As the crypto market downturn drags on, Coinbase CEO Brian Armstrong (브라이언 암스트롱) has dropped out of the world’s top 500 wealthy individuals. His wealth fell to $7.4 billion from $17.7 billion a year earlier, wiping out more than 15 trillion won.

On Tuesday, blockchain media outlet Cryptopolitan, citing U.S. business magazine Forbes, reported that Coinbase shares have fallen more than 50 percent since bitcoin hit a peak of $126,000 last October. It said Armstrong’s losses amount to 27 percent in 2026 alone.

On the same day, JPMorgan cut its target price for Coinbase by 27 percent, citing the crypto market slump and a slowdown in stablecoin issuance. The move weighed on investor sentiment toward Coinbase.

Armstrong was not alone in taking a hit, with other crypto billionaires suffering similar setbacks. According to crypto analytics firm CoinGecko, bitcoin has fallen 40 percent from $126,000, cutting the crypto market’s value by $2 trillion and wiping out wealthy investors’ assets overnight.

The wealth of Michael Saylor, who leads bitcoin-holding company Strategy, also fell to $3.4 billion, down by about two-thirds from previous levels, and his company’s value slid 62 percent. Binance founder Changpeng Zhao (CZ) (창펑자오) saw his bitcoin and Binance Coin (BNB) holdings drop by more than $29.0 billion, while the wealth of Gemini crypto exchange founders Cameron and Tyler Winklevoss fell to $1.9 billion from $8.2 billion.

Gemini recently announced it will cut a quarter of its workforce and scale back its international business. Galaxy Digital CEO Michael Novogratz’s wealth has also fallen 66 percent since last October.

Market expectations are also fading somewhat ahead of Coinbase’s fourth-quarter earnings release. JPMorgan analyst Ken Washington lowered his target price for Coinbase to $290 from $399 and cut his forecast for earnings before interest, taxes, depreciation and amortisation (EBITDA) to $734 million from $801 million. He expected stablecoin revenue to come in at $312 million and subscription and services revenue at $670 million, both below company guidance. Barclays analyst Benjamin Budish also forecast Coinbase results would miss market expectations by about 10 percent, citing weaker retail trading and slower growth in blockchain-related revenue.