Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,286 trillion. Bitcoin manages to withhold the $30k level after a disappointing week. Ethereum lost almost 3% of its value over the past seven days. XRP decreased by nearly 3% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $0.3 billion from the…
Earlier this month, Terra co-founder Do Kwon claimed that there is “entertainment” in watching companies die.
- In an interview with the chess streamer Alexandra Botez, Kwon stated confidently that 95% of today’s crypto startups are “going to die”.
- While laughing it off, the co-founder also claimed that there is “entertainment in watching companies die too”.
- As of today, Do Kwon is under fire due to the de-pegging of TerraUSD – the dollar-pegged stablecoin of the Terra blockchain. The fallout has also caused the LUNA governance token to hyperinflate, destroying virtually all of its value within days.
- The creator was warned about a potential UST collapse well before this month, but he responded aggressively to his critics.
- Attempts thus far to recover the stablecoin’s peg have seen little success. It trades at just $0.40 at the time of writing, with LUNA going for a microscopic $0.003.