The cryptocurrency markets are crashing & burning just like everyone predicted

by Susan Ryant

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.

[From Forbes]

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.

If you bought Bitcoin when this Matt Damon commercial came out ("fortune favors the brave") you would have already lost more than half your money

— Judd Legum (@JuddLegum) May 10, 2022

Hey remember going to the movies and Matt Damon said if you didn't buy crypto you were a pussy

— The Call is Coming from Inside the Nash (@Nash076) May 10, 2022

Photos courtesy of Avalon Red, Backgrid.

Matt Damon,Image: 620480312, License: Rights-managed, Restrictions: , Model Release: no, Credit line: Norbert Scanella / Panoramic / Avalon Matt Damon and Camille Cottin attends “Stillwater” photocall during the 74th annual Cannes Film Festival on July 09, 2021 in Cannes, France.,Image: 620615256, License: Rights-managed, Restrictions: , Model Release: no, Credit line: Olivier Huitel / Avalon Matt Damon poses at the photocall of ‘Stillwater’ during the 74th Annual Cannes Film Festival at Palais des Festivals in Cannes, France, on 09 July 2021.,Image: 620709994, License: Rights-managed, Restrictions: picture alliance /, Model Release: no, Credit line: Boesl / DPA Picture Alliance / Avalon New York, NY – Matt Damon, Alexia Barroso, and others at the Focus Features Premiere of Stillwater at the Ross Theatre at Jazz at Lincoln Center in New York. Pictured: Matt Damon BACKGRID USA 26 JULY 2021 BYLINE MUST READ: MediaPunch / BACKGRID USA: +1 310 798 9111 / UK: +44 208 344 2007 / *UK Clients – Pictures Containing Children Please Pixelate Face Prior To Publication*