Wow, who would have thought that cryptocurrencies were overwhelmingly a scam, a Ponzi scheme, and a ridiculously overhyped bubble just waiting to burst? Matt Damon was shilling cryptocurrencies! Elon Musk has been encouraging people to invest in crypto for so long! Celebrities were being paid for promoted posts about crypto! Bros said it would be all good and you would be a p-ssy if you didn’t buy crypto. Who would have thought it was all just a giant shell game? So, cryptocurrencies are crashing as we speak:
Bitcoin and cryptocurrencies have crashed further overnight, dropping to levels not seen since the crypto market began surging in late 2020 and wiping away almost $1 trillion worth of value in a month as a serious “ripple” warning comes into effect.
The bitcoin price has dropped to around $27,000 per bitcoin, down 12% on the last 24 hours, and dragging down the wider crypto market with other top ten coins ethereum, BNB -20.3%, XRP -27.5%, solana, cardano, and avalanche recording even steeper loses. Ethereum has crashed 22% since this time yesterday, with BNB, XRP, solana, cardano and avalanche all lossing between 25% and 33%.
The sell-off comes after the $18 billion algorithmic stablecoin terraUSD (UST) lost its peg to the U.S. dollar, wiping out the price of its support coin luna which has now lost almost 99% of its value—and risks dragging the bitcoin and crypto market even lower.
It’s not just the crypto markets suffering – remember all of those celebrities “buying” gorilla NFTs for hundreds of thousands of dollars? Yeah, the bottom has dropped out of the NFT market too. People are trying to resell their NFTs which, again, they bought for tens of thousands, and people are finding out that the resale value is like $80, if that.
— Judd Legum (@JuddLegum) May 10, 2022
— The Call is Coming from Inside the Nash (@Nash076) May 10, 2022
Photos courtesy of Avalon Red, Backgrid.
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