Friday, May 13, 2022

The Tulips Are Melting!


LONDON, May 12 (Reuters) - The meltdown in TerraUSD, one of the world's largest stablecoins, sent shockwaves through cryptocurrency markets on Thursday, pushing another major stablecoin Tether below its dollar peg and sending bitcoin to 16-month lows.

Cryptocurrencies have been swept up in a sell-off across higher risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening...

The sell-off has taken the combined market value of all cryptocurrencies to $1.2 trillion, less than half of where it was last November, based on data from CoinMarketCap...

Meanwhile, the financial 'managers' of the scheme say all is fine and dandy regardless the presence of a whole lot of curvy necked blackbirds pecking away at the vaults:
Coinbase Global Inc. Chief Executive Officer Brian Armstrong said there is “no risk of bankruptcy” for the largest U.S. cryptocurrency exchange, even amid a “black swan” event...



It's almost as if there was a run on the blockchain bank or something.

And if we (i.e. Canada) were in it like Mr. Poilievre wants us to be that other Mr. P. (i.e. Potter) wouldn't be selling, he'd be buying.


More specifically, buying pretty much everything when we hit rock bottom.

Which, given the folks that actually run horses like Mr. Poilievre, is probably the point.


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