The crypto market has been experiencing an unprecedented crash. Terra Luna has seen an almost 100% sell-off, going from an all-time high of $119.18 only a month ago to trading for just 52 cents at the time of writing. The massive sell-off has caused extreme fear, confusion, and panic across the broader cryptocurrency market. Bitcoin is currently trading around $28,000, while Ethereum is trading around $2,000.
For many new adopters who have not experienced such a quick shift in market conditions, this appears to be a surreal experience. Many pundits, thought leaders and prominent voices in the crypto space have always compared the cryptocurrency market to the early days of the Internet. In the early days of the Internet, there were many overly priced speculative companies that didn’t provide much utility to the market at the end of the day. The oversaturation of the internet companies during the dot-com boom created many more losers than winners during that period. Many promising companies went to zero and many prominent voices in the crypto space who lived through that experience have repeatedly expressed that this will be no different.
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Mark Cuban, who considers himself one of the lucky ones to make it out of the dot-com boom with a fortune, took to Twitter to stress that the cryptocurrency market is experiencing the same low as the early days of the Internet. Cuban tweeted out:
Cuban became a billionaire by the age of 41 by successfully performing two well-timed exits in a relatively short period of time, on top of being a very profitable stock picker during the dot-com boom. Cuba’s most notable exit came when he sold his broadcast.com to Yahoo for a reported $5.7 billion and then hedged his Yahoo stocks during a holding period. Yahoo’s stock at the time was skyrocketing but ultimately came crashing down, and shortly after, broadcast.com folded. This is to say, Cuban has experienced a drastic and quick downturn.
Cuban has expressed that there are too many tokens attempting to solve the same problem. He’s notable for quoting Warren Buffett by saying “First there are the innovators, then there are the imitators, and then there are the idiots.” Cuban offered a solution to the copycat tokens by tweeting out:
Cuban has expressed that outside of his shark tank deals. He’s almost exclusively investing in crypto with a sizeable part of his portfolio going towards smart contracts and NFTs. NFTs have exploded in popularity over the past few years, with creators like Beeple and NBA Topshot selling NFTs for millions of dollars, but recent NFT sales have plummeted as more creators flooded the marketplace. The average daily transaction volume on OpenSea, the largest non-profit marketplace, was down more than 55% from January 2022 to March 2022, according to crypto data tracking platform Dune Analytics. Cuba’s final tweet addressed this issue. Cuba tweeted out:
In an interview with fortune.com, Cuban stated that there will be a consolidation period where there will be blockchains that, rather than die, get acquired or merge. The charts are showing a full-on bloodbath in the crypto market. Some experts and analysts are saying that we have hit capitulation and from here we can see bullish action. While these projections might be true, the reality is that Terra Luna erased billions in market capitalization essentially overnight. This has shaken the morale of the market, and even if you’re not a LUNA holder, this might be the first of many deaths, acquisitions, and mergers that we see during this period. What do you think of Cuban’s thoughts?
[This article is a transcription of a video made by Only The SAVVY]
Original video: https://youtu.be/kwPyTgH4XTA ]
