Is the Crypto Market Fundamentally Broken

We are breaking from our typical format because of the intense news that is developing around the crypto markets, and how that is affecting businesses in that sector of the industry. We all know that the price of cryptocurrencies dropped. Bitcoin dove to a year low of $26284. Ethereum dove to $1792. Both seem to be stabilizing, but are very far from their beginning of the year highs. Even bigger are the stories about Luna and TerraUSD. TerraUSD is a stablecoin that is pegged to the USDollar, and managed to fall sharply under the $1 mark dragged down by Luna, which is the sister cryptocurrency. Luna has collapsed. As of this recording on May 12, 2022 at 3pm, it had dropped in value by 99% and is worth a little more than a penny.  This has caused a certain amount of chaos at different crypto businesses, and their consumers.Today, Sanjib Kalita, Nick Holland, Micky Tesfaye and Rachel Morrissey take a look at whether the nature of cryptocurrency is amenable to sustainable business models,  what type of oversight can crypto exchanges and businesses expect, and what this will mean for private and public stablecoins.  Money20/20 Team: Rachel Morrissey, Executive Producer, The MoneyPot; Sanjib Kalita, Editor-in-Chief;  Nick Holland, Global Head of Research; and Micky Tesfaye, Financial Journalist. Producer: Roland Bodenham, Senior Video Producer and Podcast Lead, AscentialFollow Money20/20:YouTube: @Money2020TvLinkedIn: https://www.linkedin.com/company/money2020/Instagram: https://www.instagram.com/money20_20Facebook: https://www.facebook.com/Money2020X: https://www.twitter.com/Money2020TikTok: https://www.tiktok.com/@money20_20