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The Week in Business: Crypto’s ‘Death Spiral’

What’s Up? (May 8-14)Shaken Confidence in Crypto MarketsIn what some are calling a “death spiral,” the value of a number of digital currencies plunged last week, rattling investors’ faith in crypto markets. The implosion was particularly shattering for TerraUSD, or UST, which is called a stablecoin, meaning that it is pegged to a stable asset…

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How Big Is Crypto Crime, Really?

Foley’s own paper, evocatively titled “Sex, Drugs, and Bitcoin,” was peer-reviewed and published in the Review of Financial Studies in 2019. It concluded that one-quarter of bitcoin users are involved in illegal activity, and that the $76 billion in illicit payments involving bitcoin represented 46% of the currency’s total transactions. Source

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Crypto billionaire compares industry to dot-com bubble

Bitcoin Foundation Chairman Brock Pierce weighs in on what he believes will happen to crypto.  Bitcoin Foundation Chairman Brock Pierce compared cryptocurrencies to the dot-com bubble of 1999 and 2000 on Monday as bitcoin dropped to its lowest level since July 2021.  Pierce made the comparison on “Cavuto: Coast to Coast” as bitcoin dropped below $32,000, down from…

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Why Is Crypto Down Today?

It’s another bad day for the crypto markets. The market is still jittery after the mass sell-off triggered by the instability of stablecoin TerraUSD (UST). This stablecoin imploded earlier this week after it failed to hold its 1-to-1 peg with the U.S. dollar. UST is currently trading at less than $0.45.

Terra protocol’s LUNA token, which was created by the project to help hold TerraUSD’s value, is also in tatters. LUNA, which flew to trading at $119.18 in early April, is now trading for a fraction of a penny, having also lost more than 99% of its value in the last 24 hours. The losses are stark, with LUNA trading at $0.01.

So, let’s sum up the losses.

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