Crypto Pundit Peter Brandt Slams Terra (LUNA).
The last few weeks have been hell for holders of Terra Luna as the crypto recorded successive value losses. Back in April, Luna was trading at its ATH of around $119. Today, the supposedly successful coin is trading at a measly $0.37, having lost over 99% of its value within the last seven days.
Luna has gone from being one of the top 20 best coins in the market to one of the worst. At this moment, Terra Luna is at position 59 in the charts – according to information on CoinMarketCap.
This is perhaps one of the incidents that keep trader Peter Brandt wary of most crypto projects. Peter is a trader that has been in the markets for decades. He recently tweeted to share his opinion about the current existential threat facing Luna.
Peter has been known for his extreme distrust of most Altcoins. He has consistently held that “crypto is Bitcoin and Bitcoin is crypto,” signifying his absolute loyalty to BTC and BTC alone. The issues surrounding Luna now seem to have strengthened his resolve in this regard.
This decline is just plain Lunatic $LUNA
I have spoken open about my distrust of alt-coins and that crypto is Bitcoin and Bitcoin is crypto.
The problem is that distrust in that which is distrustful can spill over into that which is trustworthy (Bitcoin) pic.twitter.com/GnBRqxgTug— Peter Brandt (@PeterLBrandt) May 12, 2022
“This Decline Is Lunatic”
In his tweet, Peter Brandt described Luna’s spiraling loss of value as a “lunatic.” This is an opinion currently held by many in the crypto space. While the crypto market may be going through a hard time right now, it’s sporadic for any coin to plunge as fast as Luna has done. Falling from a high of $119 to a value way below $1 in just a few weeks isn’t something most people would call normal.
Peter went on to allude to the rampant inflation and the issues currently facing Coinbase.
The criticism came when Coinbase published the financial report for the first quarter of 2022, seeing the San Francisco-based exchange record its first net loss of $430 million since the company went public in April 2021.
The report showed that Coinbase recorded a 27% net loss from the $1.6 billion recorded in Q1 2021 to $1.17 billion in this year’s first quarter earnings.
an excerpt from the report read:
“In the event of a bankruptcy, the crypto assets we hold in custody on behalf of our clients could be subject to bankruptcy proceedings. Such customers would be treated as our general unsecured creditors.”
As a result, Brandt called the attention of Coinbase’s customers to the report, asking them to close their accounts on the exchange and “flee.” He argued that if Coinbase goes Bankrupt, users’ bitcoin will no longer belong to them.
It's a trap getting fixed on a narrative about markets
At the top it was all about Central Bank $$$ printing and mass adoption curve
Well, the news changes
It's now about how Terra ($Luna) fiasco and fact investors could lose $BTC if @coinbase fails pic.twitter.com/XmVzr1hCV9— Peter Brandt (@PeterLBrandt) May 12, 2022
Is BTC The Only Great Crypto?
From an optimistic standpoint, it’s hard to ignore every other Altcoin in favor of Bitcoin in its entirety. Crypto networks like Cardano seem to have a clear vision of what they want to achieve. As such, it wouldn’t be very prudent to throw a blanket dislike on all Altcoins.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
