Crypto: Terra blockchain halted again, FTX CEO takes 7.6% stake in Robinhood
Stable coins too weve got to talk more about this because still struggling struggling to recover here, the terraform blockchain has now shut down twice been halted in less than 24 hours as value for both terra usd and, of course, the pairing or sister coin luna plummeted to Zero, the crypto market as a whole has lost 200 billion dollars in just one day this week, as the sell off continues to drag on. You know, to the extent that we have learned more about algorithmic stable coins per this week, perhaps than we ever knew before. You know, as we are now getting more details about how theyre even going to try and restore some type of order to that tara, blockchain and the road ahead is long, because, even to put that together, you would still need to ensure that enough people are buying Back into a pairing coin – a paired coin, a luna so that the ust, the terra stable coin, could eventually get back to its dollar peg. But thats not going to be the case and its also sending a ripple through the broader crypto industry as were seeing right now. Yes, i mean, i think, part of the action ive seen some speculation that part of the other action elsewhere in crypto this week was because people were somehow leveraged to terra or other stable coins or other coins generally, that they were that they were cautious about right And so then they had to exit other positions.
One of the other interesting takes ive seen this morning for those who are still crypto faithful, is that this uh further solidifies and strengthens bitcoins position. In contrast, ive seen some tweets this morning about so called bitcoin, maximalism and people saying oh im getting out of all of the other coins. Now bitcoin is the one im devoting myself to because weve seen cracks in other parts. I dont know that i buy that thats really happening or if its just people talking about it, but theres a lot of interesting narratives that usually emerge after these big crypto moves. Well, heres, another one. What about ftx and sam bankman here? Taking that 7.6 7.6 stake? Uh over in robin, you have to wonder if uh there he is uh a banquet, free, uh friend of the show, of course, but uh taking that stake, and maybe signaling a bottom here in the cryptocurrency market, because of course obviously robinhood is a major player in Crypto uh trading of various kinds here, but it does come at an interesting time. We were talking about early in the week when coinbase reported. They got asked the question if they should go out and buy robin hood im wondering if this is a a defensive move by sam uh to prevent an acquisition like that, because if that were to happen, that put ftx on the ropes, i think and for coinbase At the end of the day, too, the exposure that weve seen both coinbase and robinhood try to deploy at least is getting more exposure into the institutional side of this because thats, where they know that the big money is going to make strategic investments to add bitcoin And direct exposure into funds um and to the extent that they can get that into their clients, portfolios thats going to be where coinbase and robin hoods play is in the future.
But for ftx as well. I think its extremely strategic to your point in ensuring that hey youve got some skin in the game on what is already a very retail approached platform that robin hood is right now yeah, although if you i was surprised by the coinbase results, for example, that so Much of their user base is institutional. At this point, and i think one of the other narratives ive been hearing over the past week is the difference in this crypto pullback is that the than it was three years ago or whatever was the lab four years ago? The last time we saw this is that institutions are much more heavily invested right, so thats going to affect the dynamics differently. Yeah. I always think about this way.