Sure, Crypto Is Crashing, but Everything Is Perfectly Fine
— Stablecoin, Twitter, Dollar, Market, Perfectly, Crashing, Fine, Bitcoin, Week, Cryptocurrency — 1 min read
In the past seven days, the price of bitcoin has slumped by over 29 percent, while ethereum dropped by 38 percent and essentially every other cryptocurrency followed suit. The combined value of the cryptocurrency market has fallen by about 70 percent from its high in November 2021. The tether stablecoin, a cryptocurrency designed to maintain parity with the US dollar, has lost its peg and at the time of writing trades for 99 cents a unit. A meme posted on Bankless’ Twitter handle features a noose-wearing James Franco at the gallows asking two weeping crypto holders whether it is their “first time” there. A less charitable meme compares self-assured crypto investors to a serene dog sipping coffee in a burning shack. Source