I was trapped in a Croatian crypto festival while the market crashed - Aliens: AI Crypto News & Markets Updates
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I was trapped in a Croatian crypto festival while the market crashed

PublisherPublisher
TNW

Fri, May 20, 2022

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Aliens TLDR

When we finally arrived in Croatia the next day, the crypto market had entered its biggest downturn in years.

The seeds of the crash were sown long before BlockDown.

But the market truly went into meltdown after the collapse of Terra — a so-called stablecoin — and its sister token, Luna.

Luna tumbled 99% to under $0.02 on May 13 — the second day of BlockDown.

Yet the crypto crash wasn’t the biggest headache for BlockDown’s founder, Erhan Kohallie.

They remember that the market has hit record highs after even bigger crashes .

“The challenge with DeFi is we actually don’t know what works and what doesn’t work until one of these crashes happens,” he told TNW.

launching in a bull market is actually truly terrible.” Another cause for optimism is the applications beyond trading.

“The stakeholders and factors which are driving the technology are completely different from those that are driving the market,” Zhao told TNW.

But in the long term, as the technology matures, there will be a convergence between the two.” The crushing losses of the crash will devastate many investors, but a reset could be what the industry needs

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