What’s Up? (May 8-14)Shaken Confidence in Crypto MarketsIn what some are calling a “death spiral,” the value of a number of digital currencies plunged last week, rattling investors’ faith in crypto markets. The implosion was particularly shattering for TerraUSD, or UST, which is called a stablecoin, meaning that it is pegged to a stable asset…

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Andrea Kramar and Hye-Su Jun, USA TODAY

Foley’s own paper, evocatively titled “Sex, Drugs, and Bitcoin,” was peer-reviewed and published in the Review of Financial Studies in 2019. It concluded that one-quarter of bitcoin users are involved in illegal activity, and that the $76 billion in illicit payments involving bitcoin represented 46% of the currency’s total transactions. Source

Mark Cuban, billionaire entrepreneur and owner of the NBA’s Dallas Mavericks, thinks that cryptocurrency is on the same downward trend that tech and internet companies hit in the early 2000s. Bitcoin hit a 10-month low on Monday, and sales of non-fungible tokens, aka NFTs, plummeted between January and March 2022. See also: Coinbase CEO says…

Bitcoin Foundation Chairman Brock Pierce weighs in on what he believes will happen to crypto.  Bitcoin Foundation Chairman Brock Pierce compared cryptocurrencies to the dot-com bubble of 1999 and 2000 on Monday as bitcoin dropped to its lowest level since July 2021.  Pierce made the comparison on “Cavuto: Coast to Coast” as bitcoin dropped below $32,000, down from…

It’s another bad day for the crypto markets. The market is still jittery after the mass sell-off triggered by the instability of stablecoin TerraUSD (UST). This stablecoin imploded earlier this week after it failed to hold its 1-to-1 peg with the U.S. dollar. UST is currently trading at less than $0.45.

Terra protocol’s LUNA token, which was created by the project to help hold TerraUSD’s value, is also in tatters. LUNA, which flew to trading at $119.18 in early April, is now trading for a fraction of a penny, having also lost more than 99% of its value in the last 24 hours. The losses are stark, with LUNA trading at $0.01.

So, let’s sum up the losses.