Those Crypto Preachers ...

 "A massive sell-off in cryptocurrencies wiped over $200 billion of wealth from the market in just 24 hours, according to estimates from price-tracking website CoinMarketCap." - Bloomberg, May 12, 2022.

That was Wednesday.

Activity in Asia this morning indicated more carnage is happening. An immediate driver has been the collpase of stablecoin TerraUSA.  That was a factor in pushing down bitcoin 10% and Ethereum 16%. A more long term factor has been that central banks, in an attempt to deal with inflation, have tighten monetary policy.  

In addition to the loss of wealth, the supposed Smart Money Crowd faces humiliation. Members had been so out there preaching the gospel about digital assets. They were to liberate mankind from the tyranny of centralized money management and give Everyman/Everywoman a shot at becoming financially secure. The media pounced on narratives of regular joes and janes retiring at age 30. Guess they will have to go back to working.

Meanwhile, with the sustained plunge in traditional stocks and bonds, retirement is off the table for so many. Those who have retired will likely have to unretire. 

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com.

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