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The legendary Kiss singer, Gene Simmons, says he continues to hold Litecoin and 13 other cryptocurrencies despite the recent market downturn. In his words, "And, I will continue to hodl," Simmons implies that he has not sold any of the assets.
In 2021, Simmons spoke of his fondness for digital assets in an interview with the American Songwriter news website, where he referred to cryptocurrency as a game changer. He stated then, "I'm in it big. I've done very well. I'm deep in Bitcoin and Asyrium. There are other ones—there's Zcash and Litecoin. There are quite a few others.''
The legendary singer, popularly known as "The Demon," became interested in Dogecoin (DOGE) after WallStreetsBets took notice of the meme cryptocurrency. Following that, Simmons diversified his holdings to include Bitcoin, Ethereum, Cardano, Binance Coin and Chainlink. Simmons also revealed an unnamed Litecoin investment.
Market downturn
The crypto market capitalization has dropped by more than $1 trillion this year due to a lengthy sell-off. The bulk of the altcoins are currently down 60-90% from their previously set peaks. Bitcoin, the most popular cryptocurrency, is down over 70% from its all-time high of nearly $69,000 in November.
With rising interest rates hurting the industry and its prospects, crypto began to fall late last year on forecasts of a less supportive Fed.
According to on-chain analytics firm Glassnode, even long-term holders who have avoided selling until now are facing pressure.
We've seen a number of down cycles in crypto before and while they're never easy, this is a period of opportunity. I'm encouraged by the close collaboration we're seeing this week and believe the industry will emerge stronger than ever.
— Barry Silbert (@BarrySilbert) June 15, 2022
Grayscale founder Barry Silbert speaks on the recent market downturn: ''We've seen a number of down cycles in crypto before and while they're never easy, this is a period of opportunity. I'm encouraged by the close collaboration we're seeing this week and believe the industry will emerge stronger than ever.''
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