๐จ๐ฆ๐ฝ๐ฒ๐ฐ๐ถ๐ฎ๐น ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ: ๐ง๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ ๐ถ๐ป ๐๐ฟ๐๐ฝ๐๐ผ๐จ
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.
๐ช๐ต๐ฎ๐โ๐ ๐ต๐ฎ๐ฝ๐ฝ๐ฒ๐ป๐ฒ๐ฑ? ๐ค
Since the beginning of May, many cryptocurrencies have seen their values plummet, and continue to do so. $BTC (+3.15%) is 17% less than a week ago, $ETH (+1.43%) 25% down, $BNB (+1.58%) and $XRP (+4.07%) down 21% and 28% respectively, but they arenโt the most high-profile losses.
๐ฅ $BTC (+3.15%) Bitcoin, $30,093.50 (๐ฝ-16.88%)*
๐ช๐ต๐ผ ๐ฎ๐ฟ๐ฒ ๐๐ต๐ฒ ๐ฏ๐ถ๐ด๐ด๐ฒ๐๐ ๐น๐ผ๐๐ฒ๐ฟ๐? ๐
Terraforms Labs, whose main coins are TerraUSD $UST (+3.08%) and Terra $LUNA have seen horrible drops. $UST (+3.08%) is meant to be pegged to the US Dollar and has dropped by almost 83%* in value, whereas $LUNA (+3.32%) 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.
๐ฅ $UST (+3.08%) TerraUSD, $0.1705 (๐ฝ-82.94%)*
๐ฅ $LUNA (+3.32%) Terra, $0.0000516 (๐ฝ-99.99%)*
๐ช๐ต๐ฎ๐ ๐ฎ๐ฏ๐ผ๐๐ ๐๐ผ๐ถ๐ป๐ฏ๐ฎ๐๐ฒ?
This week Coinbase $COIN (+8.63%) , one of the worldโs largest cryptocurrency exchanges, released their quarterly earnings, and they did not meet analyst expectations at all.
๐ฅ EPS: -$1.26 vs $0.91 expected (-238.20%)
๐ฅ Revenue: $1.17bn vs $1.48bn expected (-20.98%)
They saw a 19% drop in monthly users. Whatโs perhaps more of a worry to investors and users alike is the update on the platformโs 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)
๐๐ผ๐ ๐ต๐ฎ๐ ๐๐ต๐ถ๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ฒ๐ฑ ๐๐ต๐ฒ ๐๐ผ-๐ฐ๐ฎ๐น๐น๐ฒ๐ฑ โ๐๐ฟ๐๐ฝ๐๐ผ ๐๐ฟ๐ผ๐โ?
Tesla $TSLA (+9.97%) CEO, Elon Musk, Coinbase $COIN (+8.63%) CEO and trader Brian Armstrong, MicroStrategy chief Michael Saylor, and twins Tyler and Cameron Winklevoss are effectively the โhorsemen of cryptoโ, or the โCrypto Brosโ and theyโve seen their cumulative crypto wealth slashed by $20bn during this crash.
$TSLA (+9.97%) โs $1.5bn gamble on Bitcoin has fallen flat; Saylorโs wealth has fallen from $8.5bn six months ago to potentially less than $1bn (just a measly millionaire๐ฌ) and $COIN (+0%) has traded at 84% less than at their IPO date.
๐ฅ $TSLA (+9.97%) Tesla, $728.00 (๐ฝ-17.83%)**
๐ฅ $COIN (+8.63%) Coinbase, $58.50 (๐ฝ-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.