CRYPTO CARNAGE and market mayhem foreshadowing the “mother of all collapses” to come – NaturalNews.com

The absurd but often-hyped claim that “crypto is digital gold” has collapsed. The LUNA token, part of TerraUSD “stablecoin” ecosystem, turned out to be entirely unstable, collapsing to zero after a massive hyperinflationary LUNA token creation event (combined with a redemption / selloff factor) that plunged into a death spiral this week. All LUNA investors are completely wiped out, and the very idea of a “stablecoin” has taken a huge hit in credibility. (Only in the crypto world could something described as “stable” by the entire community collapse to zero virtually overnight, with almost no one calling out the irony.)

For the record, I’m a strong advocate of decentralized currency, and I recently recommended Monero, the privacy coin, due to its vastly superior architecture and its privacy-protection features. In my view, Monero is everything that Bitcoin promised to be, but failed to deliver. (Disclaimer: At the time of this podcast, I held zero Monero tokens. I currently hold less than US$300 worth of Monero, since I don’t “store” assets in crypto. I only keep enough around to use for transactions as needed.)

What this week proved is that crypto is not a safe haven from crashing stocks. In fact, the downward trend in crypto appears to be strongly correlated with the selloff on Wall Street. As stock traders get triggered with margin calls, they sell off crypto assets to meet the margins on plunging stocks. This, in turn, cascades into margin calls in the crypto space which only accelerates the downward spiral of crypto.

CRYPTO CARNAGE and market mayhem foreshadowing the “mother of all collapses” to come – NaturalNews.com