🚨𝗦𝗽𝗲𝗰𝗶𝗮𝗹 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗖𝗿𝘆𝗽𝘁𝗼🚨

This week has been a particularly turbulent week in the crypto markets. The total cryptocurrency market cap started at $1.58 trillion, and reached lows of $1.13 trillion on Thursday, a 27% decrease, however this does not paint a full picture of what has happened.

𝗪𝗵𝗮𝘁’𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗲𝗱? 🤔

Since the beginning of May, many cryptocurrencies have seen their values plummet, and continue to do so. $BTC (+1.01%) is 17% less than a week ago, $ETH (-0.85%) 25% down, $BNB (+0.97%) and $XRP (+15.47%) down 21% and 28% respectively, but they aren’t the most high-profile losses.

🟥 $BTC (+1.01%) Bitcoin, $30,093.50 (🔽-16.88%)*

𝗪𝗵𝗼 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝗹𝗼𝘀𝗲𝗿𝘀? 📉

Terraforms Labs, whose main coins are TerraUSD $UST (-0.93%) and Terra $LUNA have seen horrible drops. $UST (-0.93%) is meant to be pegged to the US Dollar and has dropped by almost 83%* in value, whereas $LUNA (+5.64%) has effectively had its entire value whiped out, trading at a fraction of a cent. Binance has gone as far as banning trading of these to Terraforms protocols.

🟥 $UST (-0.93%) TerraUSD, $0.1705 (🔽-82.94%)*

🟥 $LUNA (+5.64%) Terra, $0.0000516 (🔽-99.99%)*

𝗪𝗵𝗮𝘁 𝗮𝗯𝗼𝘂𝘁 𝗖𝗼𝗶𝗻𝗯𝗮𝘀𝗲?

This week Coinbase $COIN (+1.45%) , one of the world’s largest cryptocurrency exchanges, released their quarterly earnings, and they did not meet analyst expectations at all.

🟥 EPS: -$1.26 vs $0.91 expected (-238.20%)

🟥 Revenue: $1.17bn vs $1.48bn expected (-20.98%)

They saw a 19% drop in monthly users. What’s perhaps more of a worry to investors and users alike is the update on the platform’s risk. They are warning that in the event of bankruptcy, its users might lose all the cryptocurrency stored in their accounts (more here: https://bit.ly/3FKFkFW)

𝗛𝗼𝘄 𝗵𝗮𝘀 𝘁𝗵𝗶𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗲𝗱 𝘁𝗵𝗲 𝘀𝗼-𝗰𝗮𝗹𝗹𝗲𝗱 ‘𝗖𝗿𝘆𝗽𝘁𝗼 𝗕𝗿𝗼𝘀’?

Tesla $TSLA (+0.42%) CEO, Elon Musk, Coinbase $COIN (+1.45%) CEO and trader Brian Armstrong, MicroStrategy chief Michael Saylor, and twins Tyler and Cameron Winklevoss are effectively the ‘horsemen of crypto’, or the ‘Crypto Bros’ and they’ve seen their cumulative crypto wealth slashed by $20bn during this crash.

$TSLA (+0.42%) ‘s $1.5bn gamble on Bitcoin has fallen flat; Saylor’s wealth has fallen from $8.5bn six months ago to potentially less than $1bn (just a measly millionaire😬) and $COIN (+0%) has traded at 84% less than at their IPO date.

🟥 $TSLA (+0.42%) Tesla, $728.00 (🔽-17.83%)**

🟥 $COIN (+1.45%) Coinbase, $58.50 (🔽-48.00%)**

*Coin prices: https://coinmarketcap.com/ at 10:00 CEST 13.05.2022. Percentage changes are 7 days, not daily.

** Percentage changes are 5 days, not daily.