Bitcoin nuked to $26,000!

The TLDR on the LUNA disaster (boy, ‘twas bad). This Week's Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! ICYMI: Your summary of the week in crypto Happy Sunday! Here’s a look back at the crypto stories you may have missed over the past seven days. The biggest one, of course, was the collapse of LUNA and UST. It went from being a top 10 coin to almost zero in a week, which was the biggest collapse in crypto since Bitconnect crashed and burned. BTC looked already weak but nuked to $25,000 on the news before it recovered (a bit). The fallout is probably not over yet and more protocols could become collateral damage. Crypto now looks very much in a bear market as BTC and ETH are down over 60% from their November highs. The situation went from bad (inflation and rising interest rates) to worse (LUNA to zero). Is the bottom at least in now? We will have to wait and see what the next week brings. Five things we learned this week 1. [Terra first collapsed and then suspended its blockchain](. In one of the most unbelievable collapses in crypto history, LUNA went from over $100 to practically zero in a few days. Ouch. 2. [Tether (almost) de-pegged](. Markets were on a knife’s edge last week and Tether went to $0.95 (for a few minutes) but then recovered. Will it come under pressure again? 3. [Is Elon Musk having doubts over Twitter?]( Elon may be reconsidering his Twitter acquisition or at least it looks like that after he put it on hold to wait for “data on spam accounts on Twitter.” 4. [El Salvador is buying the dip (again)](. Nayib Bukele is down bad on his BTC purchases, but he still bought the dip with 500 BTC even though the market looks bearish now. 5. [Muggers are targeting you and your crypto wallet](. In London, thieves targeted a guy at knifepoint and made him unlock his crypto wallet to transfer all his holdings to them. The week ahead Here are just a few burning questions: — Is the crypto bottom in or will Bitcoin nuke more? — What protocols will collapse under the bad debt of de-pegged UST in their TVL? — Will Do Kwon save LUNA (or at least fork it and re-start it in a different way)? Three essential reads on CoinMarketCap Alexandria — [Check 15 things to do on CoinMarketCap besides looking at prices]( CoinMarketCap has a lot of useful functions (and events) you may not know about, and we covered the 15 most interesting things to do besides checking prices. — [Our Ultimate Guide to Passive Income with Staking](. Now more than ever is a good time to make some passive income with staking and make a few low-risk investments. CoinMarketCap covers everything you need to know in that guide. — [CoinMarketRecap to hold first-ever conference in the metaverse:]( The Capital: Time to Ship will showcase compelling solutions from various blockchains and ecosystems being deployed across global markets. Listen to this! — No weekend podcast this week, but you can stay on top of the news with our [CoinMarketCap podcast](. — On [YouTube]( we went deep into Move-to-Earn games and checked if you can run off the bear market with them. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [App Store]( [Google Play]( [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( %SENDER-INFO-SINGLELINE%